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Deerfield’s Private Designs

 
• By Stacy Lawrence

Deerfield Management has a blank slate with its new $1.6 billion fund for health care investment, the third that it’s dedicated to private company investment and public company structured financing. The hedge fund is trying to reprise the performance of its prior two Private Design funds, for which it claims only one loss thus far in each.

How will health care investor Deerfield Management invest its $1.6 billion Private Design Fund III that closed in April? Any way it wants. Despite the implications of the fund name, the firm plans to use the fund to invest in public and private health care companies.

If history is any guide, about half of the new fund will go into each segment. That would put the private portion of the fund at roughly $800 million, only...

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