Bain Capital amasses $720m for debut life sciences fund

The firm had a $500m target for the fund which has struck two deals so far.

Bain Capital has held a final close on its first life sciences fund on $720 million, beating its original $500 million target, Private Equity International has learned.

Of the $720 million raised for Bain Capital Life Sciences Fund, $600 million came from its limited partners and $120 million from Bain’s partners. There was no hard-cap for the fund.

Luxembourg-based investment firm Brederode SA committed €9 million to the fund, according to a statement.

Bain Capital declined to comment on fundraising.

The firm has already made two deals from the fund, co-leading a $50 million investment in Massachusetts-based Solid Biosciences, which is developing a gene therapy treatment for Duchenne muscular dystrophy in March. In the same month, the firm led a $70 million stock purchase of drug developer Dicerna Pharmaceuticals, which is working on RNA drugs for diseases involving rare and chronic liver diseases and cardiovascular diseases.

Through the fund, Bain Capital plans to invest in biopharmaceutical, specialty pharmaceutical, medical device, diagnostics and enabling life science technology companies globally.