HealthCare Royalty Partners announced Monday the closing of HealthCare Royalty Partners III at its $1.5 billion hard cap, said a spokeswoman for the health-care investment firm.
The fund, which invests in commercial state health-care royalty contracts from sales of pharmaceutical drugs and medical devices, exceeded its $850 million fundraising target.
The firm has already announced investments in the following portfolio companies: $70 million to Raptor Pharmaceuticals, €45 million ($57.5 million) to Swiss pharmaceutical company Cardiorentis AG, and $30 million in Supernus Pharmaceuticals, the spokeswoman said.
The predecessor fund, HealthCare Royalty Partners II, closed at $1 billion in December 2011.
Investors in HealthCare Royalty Partners III include the $171.8 billion Florida State Board of Administration, Tallahassee; £13.1 billion ($21.1 billion) Strathclyde Pension Fund, Glasgow, Scotland; $20 billion San Francisco City and County Employees’ Retirement System; $6.3 billion Missouri Local Government Employees Retirement System, Jefferson City; and A$29 billion ($25.5 billion) Health Employees Superannuation Trust Australia, Melbourne.