Soros spin-out closes on $650m

Aisling Capital has closed its third fund with commitments from the New York State Teachers' Retirement System, the Pennsylvania Public School Employees’ Retirement System and the California Public Employees' Retirement System.

Perseus-Soros Management spin-out Aisling Capital has closed its third life sciences fund on its $650 million target two years after closing its previous fund on $550 million.

Aisling began fundraising in the summer of 2008 without the help of a placement agent, said senior managing partner Dennis Purcell. Aisling expects to make its first investments from the fund in the first or second quarter of 2009. The firm plans to make 20 to 25 investments from its third fund. 

The firm’s ongoing focus is investments in private and public companies developing pharmaceutical, biopharmaceutical and medical products as well as businesses providing services to the healthcare industry.

Fund III’s commitments include up to $60 million from the New York State Teachers' Retirement System, up to $100 million from the Pennsylvania Public School Employees’ Retirement System and $100 million from the California Public Employees' Retirement System.

In addition to Fund II, the firm continues to manage the Perseus-Soros BioParmaceutical Fund which closed on $449 million in 2001.