Asset manager TPG, which has supported biotechs such as Sionna Therapeutics and Santa Ana Bio, has topped up its Life Science Innovations fund, bringing total capital raised for the effort to $580 million.
The fund is used for emerging life science companies, specifically to aid companies in advancing breakthrough technologies to clinical proof-of-concept. TPG specifically focuses on companies working in oncology, rare and orphan diseases, autoimmune and inflammatory diseases, ophthalmology, cardiometabolic diseases and on different drug modalities and technology platforms.
For this round of fundraisings, TPG will seek companies across the spectrum, from preclinical to commercial to medical devices and pharma services.
The $580 million in capital includes commitments from TPG’s The Rise Fund, which was used to contribute to Sionna Therapeutics’ $182 million series C in March. The biotech is developing treatments for cystic fibrosis.
TPG also participated in a $168 million raise for precision medicine antibody company Santa Ana Bio in June, and has contributed to Ellodi Pharmaceuticals, Saluda Medical, MBrace Therapeutics and Bicara Therapeutics.
The firm had $224 billion in assets under management as of March 31, which was a 63% increase over the amount a year earlier.