Longitude raises $385M for second fund

Life science VC firm Longitude Capital closed its Longitude Venture Partners II L.P. Fund at $385 million. The fund was oversubscribed, with an original target of $325 million. Longitude invests in mid- to commercial-stage companies with clinically de-risked assets that are likely to achieve value-creating milestones within three to five years. The firm makes traditional VC investments while also participating in spinouts, recapitalizations and PIPEs. It seeks to invest $10-$30 million over the life of a portfolio company. Longitude added that the fund has allocated up to 15% for ex-U.S. investments. Probitas Partners was placement agent and financial advisor. ...