Advent Venture Partners, a London, UK-based venture capital firm, has held the final close of a $120m (approximately £75m) life sciences fund.
Advent Life Sciences will mainly invest in early- and mid-stage life sciences companies in the UK, Europe and the US. It will be managed by General Partners Shahzad Malik and Raj Parekh.
The fund, the first life sciences-focused fund raised by the firm, will back companies in a range of sectors including new drug discovery, enabling technologies, med tech and diagnostics.
The vehicle was raised with the participation of the UK Future Technologies Fund, managed by the European Investment Fund, which invests in a range of technologies such as life sciences, digital technology, and advanced manufacturing.