Palo Alto Investors have raised $40 million for its newly launched Advanced Life Sciences Fund, according to a new SEC filing.
The fund looks to invest in healthcare companies who have “outgrown the small-cap focus of its $319 million Palo Alto Healthcare Master Fund,” according to MMX Management investment group founding partner Mark Marxer’s blog.
The new fund will aim at commercial-stage healthcare companies and businesses with a market cap of at least $2 billion, Marxer wrote last week.
While much of the finds previously have been raised internally, the fund has opened up to a select group of outsiders, with 24 anonymous investors listed, according to an SEC filing.
The fund is expected to set out with a “more formal marketing campaign” in the coming months, according to Marxer.
