Longitude Capital has closed Longitude Venture Partners II, a USD385m venture capital fund dedicated to investments in drug development and medical technology.
The fund exceeded its target of USD325m. The fund is the successor to Longitude’s inaugural investment vehicle, Longitude Venture Partners, which closed in July 2008 at USD325m and exceeded its target of USD250m.
Juliet Tammenoms Bakker, Longitude co-founder and managing director, says: "Longitude’s venture growth strategy in life sciences focuses on building balanced portfolios of primarily mid-stage to commercial-stage companies with clinically de-risked assets and three-to-five year liquidity horizons. Our approach has enabled strong absolute and relative performance driven by multiple near-term realizations across our portfolio. We appreciate the strong support from our existing institutional and individual investors, and are delighted to welcome several new top tier institutional investors into this fund."
Longitude Capital’s first fund has invested in nearly 20 companies including Amarin, Aptus Endosystems, AqueSys, CardioDx, Civitas Therapeutics, Corcept Therapeutics, Jazz Pharmaceuticals and NxStage Medical.
Probitas Partners acted as exclusive placement agent and financial adviser to Longitude Capital in connection with the offering.
