Ebb & Flow

For its fourth global venture fund, Caduceus Private Investments IV, OrbiMed Advisors raised $550 million, making it the largest healthcare venture fund to be raised in almost a year. Last March, Essex Woodlands closed a $900 million fund, while in January 2009 Aisling Capitalclosed a $650 million fund.

OrbiMed was helped by an improving fundraising climate. The environment "changed dramatically over the past five months with the recent runup in the public markets," General Partner Jonathan Silverstein told Ebb & Flow...