Quaker Bioventures closes $280m first fund

The Philadelphia firm’s new vehicle is focused on multi-stage life sciences companies and is the largest inaugural venture vehicle in the last year and half.

Philadelphia-based Quaker Bioventures has announced the close of its inaugural fund on $280 million (€228 million).

The firm, founded in 2002, invests in multi-stage life sciences companies in the Mid-Atlantic region, including those involved in biopharmaceuticals, medical devices, human diagnostics, health information technology and healthcare services.

According to a Quaker press statement, the fund was oversubscribed by $80 million, and included “several of the world’s leading institutional investors”, including state, city and corporate pension plans, and university endowments.

The firm has already made several investments, including BioRexis Pharmaceuticals, a developer of protein and peptide therapeutics, and Discovery Laboratories, which develops surfactants for respiratory disease.

Quaker’s fundraising is the largest for a first-time venture fund in the last year and a half, according to the National Venture Capital Association.

There have also been another number of other life sciences venture capital fund closings in the region as well. Back in August, Greenwich, Connecticut-based healthcare investor Ferrer Freeman & Company closed FFC Partners III on $400 million (€327 million). Ferrer Freeman invests in “expansion-stage and mature healthcare companies to fund organic growth and acquisitions” in the healthcare services, clinical products and outsourcing/infrastructure sub-sectors. The week prior, New York-based healthcare investor Galen Partners closed its fourth fund on $250 million (€204 million). The firm provides expansion-stage capital to healthcare companies.