Eventide's dedicated private investment fund
targets drug research for underserved patient populations.
BOSTON, May 1, 2024
/PRNewswire/ -- Eventide Asset Management ("Eventide") today
announced the successful final close of the Eventide Healthcare
Innovation Fund I, LP ("The Fund"), with $83
million in committed capital. This fund is Eventide's first
dedicated private investment vehicle. It builds off Eventide's
reputation of excellence in private biotech, with over $500 million invested in 38 private healthcare
and biotech companies as of March 31,
2024. Led by Eventide's experienced Healthcare Investment
Team, the Fund invests in private biotech companies developing
innovative solutions for underserved patient populations.
The Fund is targeting companies within three years of reaching a
significant value creation milestone. The investments can range
from earlier-stage companies to later-stage commercial endeavors or
private investments in public equity. The unifying mission is to
address critical unmet needs through cutting-edge therapeutics,
devices, and diagnostics. The Fund and team are led by Finny
Kuruvilla, MD, PhD, and includes Brian
Chow, PhD, Gilbert Kinsey,
PhD, PharmD, and Westley Dupray,
CFA. There have been three investments made to date.
"Biotech is an area where we believe investors can profoundly
address the world's greatest unmet needs. We believe diseases like
Alzheimer's and cancer can be terms in history books rather than
active villains," said Dr. Kuruvilla, Managing Director. "This new
venture fund is a powerful tool to facilitate that impact." The
Fund's investor base includes endowments, foundations, and family
offices.
"This marks the beginning of an exciting new era for us by
offering dedicated private investing at Eventide," added
Michael Schnackenberg, Head of Institutional Sales. "I'm proud
of our team's execution in closing our first private fund, and I
look forward to seeing the potentially life-saving impact of these
investments."
About Eventide
Eventide Asset Management, LLC, is a Boston-based investment adviser with
$7.0 billion in assets under
management as of 12/31/2023, practicing "investing that makes the
world rejoice®." Founded in 2008, Eventide's vision is
to serve individuals, financial advisors, and institutions by
seeking to provide high-performance investments that we believe
create compelling value for the global common good.
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SOURCE Eventide