Blackstone Group closed its inaugural life sciences fund, Blackstone Life Sciences V, at its hard cap of $4.6 billion, spokeswoman Jennifer Friedman confirmed in an email.
Blackstone Life Sciences invests in established life science companies, finances late-stage products and makes growth investments in emerging life-science companies. A fundraising target was not provided.
Blackstone Group launched Blackstone Life Sciences in 2018 after its acquisition of Clarus, a life-sciences private equity manager, which had raised $2.6 billion since its founding in 2005. Its final fund before the acquisition by Blackstone was Clarus IV, which closed at $910 million in 2017.
Investors include the $242.8 billion California State Teachers' Retirement System, West Sacramento; the $148 billion Texas Teacher Retirement System, Austin; and the $29.1 billion Texas County & District Retirement System, Austin.