Clarus Ventures closes third fund at $500 mln

Clarus Ventures, a life sciences venture firm, raised $500 million for its third fund, sweeping past its initial $375 million target.

Clarus III will focus on therapeutics-focused companies and R&D risk-sharing partnerships with the pharmaceutical and biotech industry. The fund’s average investment is expected to be between $15 million and $50 million.

With offices in South San Francisco and Cambridge, Massachusetts, Clarus closed its second fund at $660 million in 2008. Fund II is generating an average IRR of 20.50 percent and an average multiple of 1.79x, according to data provider Bison.

Snowbridge Advisors provided financial advice to Clarus on the fundraising, while Sagent Advisors LLC served as a placement agent.

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