Perceptive Advisors raises $515m for life sciences fund

Perceptive Advisors has closed its second life sciences fund at $515 million.

Perceptive Advisors has closed its second life sciences fund at $515 million. Perceptive Xontogeny Venture Fund II’s limited partners include top-tier asset managers, endowments, foundations, family offices, and notable individual investors.

PRESS RELEASE

NEW YORK & BOSTON–(BUSINESS WIRE)–Perceptive Advisors, an investment management firm focused on the life sciences sector, today announced the first and final closing of Perceptive Xontogeny Venture Fund II, LP (“PXV Fund II”) with $515 million in capital commitments in an oversubscribed fund to further the firm’s early-stage life sciences platform. The close of PXV Fund II more than triples assets under management to $725 million in less than two years since the closing of the inaugural PXV Fund I, which launched Perceptive’s early-stage venture fund strategy. PXV Fund II includes existing investors from the inaugural fund, new investors including top-tier asset managers, endowments, foundations, family offices, and notable individual investors, and all of the PXV Fund II Partners.

The PXV Fund strategy complements Perceptive Advisors’ Life Sciences Fund (hedge fund) and Credit Opportunities Funds as it will be solely focused on early-stage venture capital and expects to be the sole or predominant lead investor in Series A financings in the range of $20-40 million with capacity to participate in subsequent Series B financings. The PXV Funds are led by Chris Garabedian, Portfolio Manager, who also serves as Chairman and CEO of Xontogeny. Xontogeny is a Boston-based accelerator that provides seed investments along with strategic and operational support to early-stage life sciences companies through its professional staff and network of consultants and service providers. The PXV Funds are focused exclusively on life sciences technologies across a broad range of therapeutic areas with a greater emphasis on drug technologies and a lesser focus on early drug and discovery platforms. The primary goal of PXV Funds’ Series A and subsequent Series B financings will be advancing products and technologies from preclinical stages through early clinical development and the generation of proof-of-concept data in patients.

“With PXV Fund I, we were able to quickly identify and fund a number of opportunities that were high quality with tremendous potential for addressing important disease areas and the potential for generating outsized value creation. I’m excited that we will continue our funding of promising early-stage life science companies through clinical proof-of-concept with the PXV Fund II,” said Chris Garabedian. “The portfolio of opportunities in which we invested from PXV Fund I was quite diverse across modality and therapeutic area and we are pleased with the progress in advancing almost all of the portfolio companies from preclinical stages into clinical studies in less than 18 months from inception. We are grateful for the trust and enthusiasm that our limited partners, both new and existing, have shown in this strategy of product-focused, data-driven value creation.”

“We have been impressed with the execution of the PXV Fund strategy and how quickly we found quality opportunities for investment,” said Adam Stone, Chief Investment Officer of Perceptive Advisors. “To further strengthen our efforts, Chris has successfully expanded the Xontogeny team to serve as Perceptive’s early-stage venture arm, which is fully integrated with the Perceptive investment team. Beyond evaluating companies seeking Series A investments, the Xontogeny team provides a robust pipeline of future opportunities for the PXV Fund through their sourcing, evaluation and incubation of startups with seed financing and active operational management.”

The PXV Fund II Investment Committee consists of Joe Edelman, CEO of Perceptive Advisors, Adam Stone, Chief Investment Officer of Perceptive Advisors and Chris Garabedian, Portfolio Manager. Fred Callori, Xontogeny’s SVP of Corporate Development and Ben Askew, PhD, Xontogeny’s Head of R&D, are also Partners in PXV Fund II.

About Perceptive Advisors
Founded in 1999 and based in New York, NY, Perceptive Advisors is an investment management firm focused on supporting the progress of the life sciences industry by identifying opportunities and directing financial resources to the most promising technologies in healthcare. For more information about Perceptive, visit www.perceptivelife.com.

About Perceptive Xontogeny Venture Funds
The Perceptive Xontogeny Venture Funds are Perceptive Advisors’ investment vehicles focused purely on early-stage, private venture investments in life sciences companies. Primary investments for the Fund include companies that are seeking a lead investor for Series A financings, which include both companies that are seeded and incubated at Xontogeny, as well as companies that are seeded and incubated by other organizations, accelerators and seed investors. The PXV Funds are also open to participating in syndicated Series A financings as a co-lead or passive investor with other venture capital firms. For more information, visit www.perceptivelife.com.

About Xontogeny
Based in Boston, MA, Xontogeny seeks to accelerate the development of life science technologies by providing entrepreneurs with funding options as well as the leadership, strategic guidance and operational support necessary to increase the probability of success in early drug and technology development. Through a differentiated collaboration model, the Xontogeny team partners with founding scientists and entrepreneurs to support their vision while allowing a more efficient development model that benefits company founders and early equity holders. For more information, please visit www.xontogeny.com.