Foresite Capital Closes $900M Healthcare, Life Science Fund
Foresite Capital closed its sixth fund with $900 million, one of the industry’s largest in 2024, to continue expanding its multi-stage healthcare and life sciences portfolio.
The fund will invest in companies focused on precision medicine, healthcare delivery and life sciences infrastructure, which is reflected in the San Francisco-based firm’s investments in biotechs such as Alumis, Latigo Biotherapeutics and Xaira Therapeutics, which have raised rounds of $135 million to $1 billion this year.
The fundraise comes as a potential second wave of IPOs for the year approaches, following Rapport Therapeutics’ debut last week and a slew of Nasdaq candidates, including Alumis.
“Fund VI is deploying capital into what I believe is one of the best biotech investment environments of my career,” said Jim Tananbaum, founder and CEO of Foresite Capital. “Advances in biology, genomics and artificial intelligence continue to converge. Biotech innovation is predicting, preventing and treating disease more effectively than ever before. We believe these advances will lead to increasingly efficient investing at all stages.”
Last year, the $3.5 billion firm stayed active, heading Foresight Diagnostics’ $58.75 million Series B funding round. The funds were utilized to support the development and promotion of PhasED-Seq, the company’s cancer recurrence diagnostic technology.
Since its 2011 inception, Foresite has participated in 47 IPOs, 28 mergers and acquisitions and the approval of 58 drugs by the FDA.
Foresite joins a number of other biotech investors who have recently closed or are currently raising new funds. ORI Capital, Sands Capital, and NewVale Capital are among those that have launched funds since the beginning of the year, while Arch Venture Partners and Flagship Pioneering have stated in regulatory filings that they intend to raise new funds.
