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Alternative Assets  + VC  | 
Illumina Ventures Eyes $300M for 3rd Biotech Fund

Illumina Ventures Eyes $300M for 3rd Biotech Fund

Illumina Ventures is looking to raise $300 million for a new investment fund, according to a filing with the U.S. Securities and Exchange Commission. Founding partner Nicholas Naclerio will oversee the Illumina Innovation Fund III, which has yet to see any investor commitments, the document revealed. The offering is not expected to last more than one year.

Illumina Ventures, which invests in genomics and precision health startups, raised $230 million for its debut fund in 2017 and $325 million for its sophomore fund in 2021. Its portfolio includes Arima Genomics, Broken String Biosciences, Delfi Diagnostics, DNAScript, Stilla Technologies, Tagomics, and Twist Bioscience.

The Bay Area firm has a strategic relationship with biotech business Illumina. The firm recently acquired Fluent BioSciences, a single-cell sequencing startup that had also received investment from Illumina Ventures.

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About Joe Palmisano

Joe Palmisano is Editorial Director for Connect Money, where he brings nearly three decades experience of market insights as a financial journalist, analyst and senior portfolio manager for leading financial publications, advisory firms, and hedge funds. In his role as Editorial Director, Joe is responsible for the selection of content and creation of daily business news covering the financial markets, including Alternative Assets, Direct Investment and Financial Advisory services. Before joining Connect Money, Joe was a financial journalist for the Wall Street Journal, regularly publishing feature stories and trend pieces on the foreign exchange, global fixed income and equity markets. Joe parlayed his experience as a financial journalist into roles as a Senior Research Analyst and Portfolio Manager, writing daily and weekly market analysis and managing a FX and US equity portfolio. Joe was also a contributing writer for industry magazines and publications, including SFO Magazine and the CMT Association. Joe earned a B.S.B.A. in Finance from The American University. He holds the Chartered Market Technician (CMT) designation and is a member of the CFA Institute.

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