Vivo Capital closed its latest health-care private equity fund, Vivo Capital Fund IX, at $1.4 billion, according to a news release.
Firm executives plan to invest the capital in innovative and growing health-care and life science companies. The new fund is 91% larger than Vivo’s previous fund, the $750 million Vivo Capital Fund VIII, which closed in 2015.
Investors in the new fund include the $242.1 billion California State Teachers’ Retirement System, West Sacramento; $10.5 billion Arizona Public Safety Personnel Retirement System, Phoenix; and the $730 million University of Houston endowment.
Vivo Capital executives had not set a fixed fundraising target for fund VIII, said Zhanping Wu, general counsel. “We take a more opportunistic attitude, based on market conditions,” she said.
This is the second fund Vivo has raised in two years. In 2018, Vivo Capital closed $635 million Vivo Opportunity Fund, a a long-only public equity fund investing in small-to mid-cap public life sciences companies.
