12:00 AM
Apr 01, 2013
 |  BioCentury  |  Finance

Back for thirds

Third Rock to maintain steady flow of new biotechs with $516M third fund

Despite having only two exits under its belt since inception in 2007, Third Rock Ventures closed its third fund last week with $516 million. The fund, the firm's largest to date, was oversubscribed and raised in about five months.

Third Rock's Kevin Starr said the firm started fundraising with a target of $425 million. There was a "very high level of receptivity from investors," he said. "Investors found something that was highly differentiated and gives them good odds for high returns over time."

LPs in Fund III were a mix of existing investors, with a handful of new investors that Starr said had expressed interest in Fund II.

The new money will be invested in up to 16 companies and will help the firm continue its run rate of...

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