ARTICLE | Finance
Seeing opportunities among headwinds, TCG X closes $1.3B third fund
The firm’s Chen Yu sees attractive valuations in private and public equities that could turn into strong returns and draw LPs back into biotech
October 6, 2025 12:19 PM UTC
Despite headwinds facing the biotech industry, TCG Crossover’s Chen Yu believes the firm will deploy its new $1.3 billion fund during “a really attractive cycle to invest,” with ample opportunities in both the public and private life sciences sectors.
TCG X said Monday it had closed its new Fund III at $1.3 billion, above its $1.2 billion goal and at its hard cap, with both new and returning LPs supplying cash. The firm announced its $824 million first fund in April 2021, and its $1 billion second fund at the beginning of 2024; the new vehicle brings its total raised to $3.1 billion...