Aisling Capital raises $280m

The New York-based biotech VC closes $120m shy of initial target.

Aisling Capital closed its latest life sciences venture fund, Aisling Capital IV, at $280 million.

Through this fund, its fifth institutional vehicle, the New York-based firm will continue to make late-stage investments in clinical biotech companies.

The total capital raised for Fund IV failed to reach Aisling Capital’s initial $400 million target and is less than the $650 million its predecessor, Aisling Capital III, raised in 2009.

The Pennsylvania Public School Employees’ Retirement System (PSERS) is among the investors in this fund.