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Alternative Assets  + VC  |  September 20, 2024
Illumina Ventures Eyes $300M for 3rd Biotech Fund
Joe Palmisano
By: Joe Palmisano

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 of Connect Money, where he oversees daily coverage of alternative assets, direct investments, financial advisory and the economy. He brings three decades of experience as a financial journalist, analyst and portfolio manager. Before joining Connect Money, Palmisano wrote for The Wall Street Journal, covering foreign exchange, global fixed-income and equity markets. He later served as a senior research analyst and portfolio manager, producing market analysis and managing foreign exchange and U.S. equity portfolios for FX Concepts. His work has also appeared in SFO Magazine and CMT Association publications. Palmisano earned a bachelor’s degree in finance from The American University and holds the Chartered Market Technician (CMT) designation and is a member of the CFA Institute.
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