Hybrid efficiency

While some firms have either split their tech and life science venture investment activities or abandoned tech entirely, FMR LLC is going in the opposite direction. Last week, the firm created F-Prime Capital by combining its Fidelity Biosciences unit with the technology venture fund of its Devonshire Investors unit.

F-Prime spokesperson Michael Aalto said the rationale for the combination is that Devonshire spends most of its time "operating companies and getting involved in their day-to-day. The technology venture activity was better aligned with what Fidelity Biosciences was doing, but when you see the name Fidelity Biosciences you don't think tech."...