Longitude Capital, an investment firm focused on venture growth investments in biotechnology and medical technology, closed its third fund, at $525m in partner commitments.
Longitude Venture Partners III, L.P. (“LVP3”), which exceeded the initial target of $450m, will continue the firm’s strategy of investing in private and public biotechnology and medical technology companies across all stages of development.
The new fund is expected to commit an average of $15-25m per investment in approximately 25 companies.
With this third vehicle, the firm has raised over $1.2 billion in aggregate capital commitments, To date, across its first two funds, Longitude Capital has invested in 42 different portfolio companies.
Founded in 2006, Longitude is led by Managing Directors Sandip Agarwala, Juliet Bakker, Patrick Enright, Marc Galletti, Gregory Grunberg, M.D. and David Hirsch, M.D., Ph.D.
The firm operates bi-coastally with offices in Menlo Park, CA and Greenwich, CT.