Investment firm Oberland Capital said today that it has closed its second royalty and credit opportunities fund, Oberland Capital Healthcare II LP (Fund II), at its hard cap of $800 million in capital commitments.
The fund will target investments between $20 million and $150 million with a focus on commercial stage or near-commercial stage biopharmaceutical, medical device and diagnostic companies and royalty-bearing products.
“We are very grateful for the support shown by our limited partners in helping us to significantly surpass our $650 million target size for Fund II,” said managing partner Andrew Rubinstein in a prepared statement.
Investors in Fund II include public and corporate pension plans, financial institutions, foundations and endowments located in the United States, Europe and the Middle East. A private investment firm based in New York City, Oberland Capital has made $1.2 billion in capital commitments since it was founded in 2013.
Oberland provided $90 million in structured financing to Impact Biomedicines (San Diego) in 2017 for development of a drug to treat myelofibrosis, a rare blood cancer. Celgene (NASDAQ: CELG) announced in January that it would acquire Impact Biomedicines for up to $7 billion.
The investment firm also extended $90 million in a loan/debt equity deal to New Haven, Conn.-based Melinta Therapeutics (NASDAQ: MLNT) in 2017. Proceeds from this financing were to fund commercialization for Baxdela, an antibiotic developed to treat acute bacterial skin and skin-structure infections.