Armed with $137M fund, Signet launches hunt for a dozen new biotech plays
Signet Healthcare Partners is getting the year started by rolling out a new, $137 million biotech fund.
The New York-based group won’t win any awards for the biggest fund to hit the industry as VCs make off with a string of record sums. But it’s now lining up about a dozen new portfolio plays.
The 19-year-old fund has accumulated a large portfolio over the years, investing in firms like Pfenex, one of 45 upstarts they’ve backed with more than $400 million. And they’re looking to invest up to $15 million in each new company they back.
They’ve also added two new members to the team.
Nikhil Puri joined Signet from Pfizer, where he was vice president and head of business development for the global established pharmaceuticals business. Puri is also a Bear Stearns vet with 15 years experience as an investment banker. Ashley Friedman was promoted to general partner after serving as a venture partner since 2014, when he joined Signet from Investor Growth Capital.
“We are very grateful for the continued support of our loyal investor base during this fundraising, and welcome our new investors,” said James Gale, Founding Partner and Managing Director of Signet.