Easton's "OAD" Model

Easton Capital is raising a pair of life sciences funds. One will be a classic 10-year fund targeted to raise $100-$200 million for biotech investment. The other will aim for $50-$75 million for investment in biotech and medical device companies that will produce returns within a 3-5 year time frame.

Managing Partner John Friedman refers to the second fund as Easton's "OAD fund" for "one-and-done." The idea is to focus on investment in companies with very short return turnarounds...