New York City-based investment firm Deerfield Management Company, L.P., closed its latest fund at $550 million.
Deerfield Healthcare Innovations Fund, L.P., will focus on investing in advancements in science that may lead to therapeutic interventions in genetic diseases, cancer, and orphan diseases. It will also back new technologies that can transform how therapeutics are developed and improve the way healthcare is delivered to patients.
Backers include healthcare institutions, such as New York-Presbyterian Hospital, Memorial Sloan Kettering and Seattle Children’s Hospital, and philanthropies, such as the Robert Wood Johnson Foundation, universities such as Princeton University and Northwestern University.
The fund will donate all profits not allocated to investors to the Deerfield Partnership Foundation to support its charitable purposes to improve the provision of healthcare services to underserved children and investment in healthcare research, including orphan diseases, age-related conditions such as Alzheimer’s disease, and other therapeutic, diagnostic and healthcare service delivery breakthroughs.
The Deerfield Foundation is employee-funded and managed and has raised more than $25 million to advance children’s health in New York City as well as projects worldwide.
Founded in 1994, Deerfield Management is led by James Flynn, president and managing partner.