Monday, April 1, 2013
Despite having only two exits
under its belt since inception in 2007, Third Rock Ventures closed its
third fund last week with $516 million. The fund, the firm's largest to date,
was oversubscribed and raised in about five months.
Third Rock's Kevin Starr said
the firm started fundraising with a target of $425 million. There was a "very
high level of receptivity from investors," he said. "Investors found
something that was highly differentiated and gives them good odds for high
returns over time."