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Foresite Capital raises $900M sixth fund for investing in healthcare and life sciences companies | TechCrunch

Jun 12, 2024 - techcrunch.com
Foresite Capital, a healthcare and life sciences firm, has announced the closure of its sixth fund at $900 million. Despite a strong track record, including 47 IPOs, 28 M&As, and 58 FDA-approved drugs, the firm faced challenges in fundraising, with existing investors renewing their commitments at 30% less capital. To bridge the funding gap, Foresite hired Haidi Tabbaa, who helped bring in new investors from Asia and the Middle East.

The firm has already begun investing from this fund, backing several companies over the past two years. Notable investments include a $1 billion incubation of AI drug discovery startup Xaira, and participation in a $135 million Series A funding for Latigo Bio. Foresite plans to back about 20 companies from its sixth fund, with investments ranging from a few million up to $75 million.

Key takeaways:

  • Foresite Capital, despite having a strong track record with 47 IPOs, 28 M&As, and 58 FDA-approved drugs, took two years to raise its sixth fund.
  • The firm hired Haidi Tabbaa to bridge the funding gap and lead the firm’s investment relations effort, bringing in new LPs from Asia and the Middle East.
  • Foresite announced that it closed its sixth fund with $900 million and has already begun investing from this fund nearly two years ago.
  • The firm intends to back about 20 companies from its sixth fund, with investments ranging from a couple of million up to $75 million, focusing on genomics and artificial intelligence in healthcare.
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