Well-known healthcare investment firm OrbiMed has closed a major new venture capital fund, OrbiMed Private Investments VI, with $950 million in limited partner commitments, the company announced in a statement.
OrbiMed said the new fund will invest in a wide variety of areas, but will focus on biopharmaceuticals, medical devices, diagnostics and healthcare IT companies in North America as well as Europe. Their roughly 30 individual portfolio company investments will range from $10 to $75 million.
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Carl Gordon, a Partner at OrbiMed and Co-Head of Global Private Equity, noted, "The increasing pace of translation of science to medicine creates exciting opportunities for the Fund in areas such as oncology, central nervous system disease, and gene editing."
Dedicated to the healthcare sector, the global investment firm already holds $16 billion in managed assets.
"With this Fund we plan to accelerate our collaborations with leading life sciences entrepreneurs, strategic companies, research institutions and physicians, to drive the creation of novel therapies that address unmet medical needs," said Jonathan Silverstein, an OrbiMed Partner and Co-Head of Global Private Equity.
Twitter: @BethJSanborn