Vivo doubles fund size with $750 million Fund VIII

The healthcare focused fund beat its target

California-based Vivo Capital has closed its eighth fund on $750 million. The fund is double the size of its 2011 vehicle, which closed on $375 million.  Fund VIII is one of the largest healthcare venture funds raised to date.

Vivo declined to comment on fundraising.

Vivo focuses on healthcare investments in the US and Asia. The firm maintains offices in Palo Alto, California, Beijing, and Shanghai, China, and has approximately $1.7 billion in funds under management.

Vivo plans to invest the capital primarily in later development stage pharmaceutical and medical device companies in the U.S. and in revenue stage healthcare companies in greater China. The firm typically invests in growth equity or buy-and-build companies, and has also invested directly in public companies.

Vivo said in a statement that the fund brought on new institutional investors from the US, Europe and Asia. Existing investors including pensions, endowments and foundations joined again for Fund VIII.

In January, Vivo announced plans to take portfolio company Ascendis Pharma A/S public.  Ascendis is a clinical stage biopharmaceutical company targeting orphan diseases. The firm worked with Bank of America, Leerink Partners and Wells Fargo Securities on the offering.