Bain Capital is raising its first dedicated life sciences fund, a Securities and Exchange Commission filing shows.
A spokesman confirmed the fundraising but declined to comment on the financial details.
A new website for Bain Capital Life Sciences says the team will be led by managing directors Adam Koppel and Jeff Schwartz, with support from principal Ricky Sun.
Koppel has rejoined Bain to lead its life sciences team after two years at Nasdaq-listed biotechnology company Biogen, where he was executive vice-president of corporate development and chief strategy officer. He first joined Bain in 2003. Schwartz moves over from Bain’s private equity team where he led a number of healthcare deals.
The website says the fund will have four investment themes: inflection capital, which it describes as investment in companies “at the critical development stages of innovation”; growth capital; fallen angels, which it describes as investment in “companies at a crossroads”; and larger private equity, which it says will involve “collaborating with the Bain Capital platform to invest in larger companies.”
The firm is currently investing its 2014-vintage $7.3 billion Fund XI which is currently over half deployed. It has made a number of healthcare platform investments from the vehicle, most recently backing claims management and patient payment solutions provider Navicure.
The website says the life sciences team will pursue investments in biopharmaceutical, specialty pharmaceutical, medical device, diagnostics and enabling life science technology companies globally.
The fundraising comes at a time when more large private equity players are looking to invest smaller sums in healthcare start-ups that are taking advantage of the rapidly shifting healthcare market.
KKR is raising a healthcare-focused growth fund to be run out of its Menlo Park offices for which it is looking to gather between $650 and $800 million and Carlyle has been increasingly active in the smaller healthcare technology space in recent months, in September backing German medtech business Exocad.