H.I.G. Capital has closed its H.I.G. BioVentures II fund on $268m, exceeding its $250m target. The fund invests as part of the global private equity group’s dedicated life science investment affiliate.
According to the firm, the capital were raised entirely from limited partners specific to H.I.G. BioVentures II, including a diverse group of top-tier global investors, including public and private pension funds, foundations, funds of funds, and large private family wealth managers.
The fund will make venture capital investments in product development-focused healthcare companies in North America, across a broad range of sectors and development stages, with a focus on pharmaceuticals, medical devices and diagnostics.
H.I.G. said the healthcare sector remains attractive as a non-discretionary expenditure resistant to economic downturns. Revenues for pharmaceutical, medical device, and diagnostics companies will continue to increase, as they drive more efficient healthcare delivery to an aging population with a growing landscape of significant unmet medical needs, according to Aaron Davidson, managing director of H.I.G. BioVentures.
“We are very pleased with this fund, which we believe is the appropriate size to execute our strategy. We are seeing more and higher quality deal flow in the healthcare sector today than at any time in our history. The most effective way to meet the demands of today’s evolving and challenging healthcare market is through innovative products that provide significant patient benefit on a cost-effective basis.”
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