NewVale unveils $167M fund to back pharma service providers and ‘old ideas that are working’

Growth eq­ui­ty firm New­Vale Cap­i­tal of­fi­cial­ly broke cov­er with its $167 mil­lion fund on Mon­day morn­ing to back third-par­ty ser­vice providers that sup­port the drug de­vel­op­ment in­dus­try.

The Boul­der, CO-based firm, which has al­ready backed three com­pa­nies, had orig­i­nal­ly sought $125 mil­lion, founder and man­ag­ing part­ner Todd Holmes told End­points News. Its lim­it­ed part­ners in­clude long-time biotech in­vestors, in­clud­ing uni­ver­si­ty en­dow­ments, foun­da­tions, in­sur­ance com­pa­nies, fam­i­ly of­fices and un­named “rec­og­nized phar­ma­ceu­ti­cal ex­ec­u­tives.”

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