Bain’s biotech team has cre­at­ed a $1B-plus fund — with an eye to more Big Phar­ma spin­outs

One of the biggest in­vestors to burst on­to the biotech scene in re­cent years has re-upped with more than a bil­lion dol­lars flow­ing in­to its sec­ond fund. And this next wave of bets will like­ly in­clude more of the Big Phar­ma spin­outs that high­light­ed their first 3 years in ac­tion.

Adam Kop­pel and Jeff Schwartz got the new life sci­ences fund at Bain Cap­i­tal in­to gear in the spring of 2016, as they were putting to­geth­er a $720 mil­lion fund with $600 mil­lion flow­ing in from ex­ter­nal in­vestors and the rest drawn from the Bain side of the equa­tion. This time the ex­ter­nal in­vestors chipped in $900 mil­lion, with Bain com­ing in for rough­ly $180 mil­lion more.

They’re not done with Fund I, with plans to add a cou­ple more deals to the 15 they’ve al­ready post­ed. And once again, they’re es­ti­mat­ing an­oth­er 15 to 20 in­vest­ments over a 3- to 5-year time hori­zon for Fund II.

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