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VC Roundup: October Brings Several New Venture Funds, Including Third Rock’s Fourth

 
• By Mandy Jackson

Third Rock closed a $616m venture capital fund, exceeding the firm’s goal of $600m to fund newly formed biopharma companies, following Sofinnova and others with new VC and debt funds for early- to mid-stage life science companies. Also, five drug developers raised $256m in new VC cash.

Third Rock Ventures has raised its fourth and largest venture capital fund at $616m, joining at least three other groups that closed new life science-focused VC and debt funds in October for a total of $1.64bn.

Boston-based Third Rock revealed its new fund on Halloween after scaring up enough cash from new and existing investors to exceed the firm’s $600m goal. The announcement followed Sofinnova Ventures with a new $650m fund that exceeded that firm’s $550m goal; the creation of a $323m fund from Perceptive Advisors LLC, which set out to raise $300m to provide debt for entities developing health care products; and Helsinn Group’s $50m fund set up to support 10 to 15 drug, device, diagnostic and supplement developers

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