Biocrossroads, the Indiana-based initiative for life science investing, has closed its debut fund of funds with commitments of $72m. The fund will invest in regional and national venture capital funds in order to encourage direct investment activity in Indiana life sciences start-ups.
The firm began fundraising in April 2003 and will look to make its first investment by the end of the year, according to a report by VentureWire. Investors in the fund include Indiana University Foundation, Purdue University, Anthem Blue Cross and American United Life Insurance.
The fund will be manged by Credit Suisse First Boston. Investments will range in size from $5m to $20m, with a preference for smaller allotments.
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