Investment firm Wellington Management closes $393m biomedical fund

The fund will allot investments into private biotech companies.

Investment management firm Wellington Management has secured $393m in total proceeds from its oversubscribed Wellington Biomedical Innovation Fund I, the company announced.

The fund will invest in private biotechnology companies focusing on drug discovery and development, and will seek capital to be used for the advancement of their scientific programs.

The firm’s private investment platform now amounts to $2.7b.

The funds’ investor base includes public and private pension plans, insurance companies, corporations, and family offices.