The allure of revenues

HBM Partners' track record of eight exits from 15 investments in its first fund clearly gained the attention of LPs, as the firm has completed a €90 million ($117.6 million) first close on a new fund that will invest in revenue-generating life sciences companies.

The firm expects a final close of €120-€150 million ($156.8-$196 million) for HBM BioCapital II., which will invest primarily in therapeutics, medical devices and diagnostics companies that already have a marketed product...