Goldman Sachs Asset Management has closed its $650 million funding round, which aims to invest and build future life sciences firms.
In a statement released this week, Goldman Sachs Asset Management announced West Street Life Sciences I fund had closed and exceeded its original target. Additionally, the fund is said to be one of the biggest first-time private life sciences growth funds.
The funds strategy is focused on “growth-oriented private equity investments in life sciences.” Early to mid-stage therapeutic firms with multi-asset pipelines and portfolios will be targeted, as well as life sciences diagnostic and tools companies. Overall, the funding aims to “invest in and build the next generation of leading life sciences companies.”
The $650 million in equity commitments came from “a global, diverse group of institutional, strategic, and high net worth investors” including commitment from Goldman Sachs employees.
“We are in a golden era of innovation in the life sciences, where technological breakthroughs are creating new approaches to diagnosing and treating disease,” said Amit Sinha, head of life sciences investing at Goldman Sachs Asset Management.
“We believe the current environment provides an attractive opportunity for investing in the next generation of leading life sciences companies. Through our global platform, we seek to be a capital provider of choice and help our companies realize their full potential.”
Goldman said it has already established various themes of innovation and strategic shifts to advance growth in the coming years. The themes included: genetic medicine, cell therapy, synthetic biology, artificial intelligence (AI), precision medicine, and immunotherapy.
Furthermore, the statement reported Life Sciences I has already pledged $90 million to five companies, including Nested Therapeutics, MOMA Therapeutics, TORL Biotherapeutics, Septerna, and Rapport Therapeutics.
“Life sciences represents one of the most exciting areas in the private investing landscape, with advances in technology transforming healthcare at an unprecedented pace. We have a long history of partnering with companies in this space and look forward to bringing the full resources of Goldman Sachs to world-class management teams who are driving progress in the industry,” said Marc Nachmann, global head of asset & wealth management at Goldman Sachs.
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