Wellington raises $393m

The US-based manager closes its first biotech-focused fund oversubscribed.

Wellington Management held a final close on Monday of Wellington Biomedical Innovation Fund I, oversubscribed at $393 million. The fund launched earlier this year with a $300 million target.

The Biomedical Innovation Fund will invest solely in the biotech sector and is Wellington’s first private asset vehicle with a single-sector focus.

Wellington’s two previous funds, Wellington Extended Horizons and Wellington Durable Enterprises, make late-stage growth investments with a diversified-sector approach. Both launched in 2018.

Investors to the Biomedical Innovation Fund include public and private pensions, insurance companies, family offices and corporations worldwide, Wellington wrote in a statement.