VC firm Pivotal closes second $389M therapeutics fund to create companies and back public biotechs

Piv­otal bioVen­ture Part­ners Fund II has ful­ly closed at $389 mil­lion, and the Bay Area firm still has more than 75% of that fund­ing to de­ploy af­ter a first close dur­ing the “peak of the mar­ket” in mid-2021, man­ag­ing gen­er­al part­ner Rob Hopfn­er told End­points News.

The fund, un­veiled Mon­day morn­ing, is about $90 mil­lion larg­er than its first go-around, which was dis­closed in March 2017. Piv­otal bioVen­ture Part­ners has since cre­at­ed com­pa­nies out of aca­d­e­m­ic re­search, like schiz­o­phre­nia and CNS drug­mak­er Map­Light; formed biotechs based on as­set carve-outs from Big Phar­ma, like Evom­mune; and backed pub­lic biotechs like Vax­cyte, which has raised large amounts of mon­ey for late-stage tri­als of its pneu­mo­coc­cal vac­cine, which could com­pete with Pfiz­er’s Pre­vnar.

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