Eventide Asset Management Announces Final Close of Eventide Healthcare Innovation Fund I, LP

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May 01, 2024, 09:32 ET

Eventide's dedicated private investment fund targets drug research for underserved patient populations.

BOSTON, May 1, 2024 /PRNewswire/ -- Eventide Asset Management ("Eventide") today announced the successful final close of the Eventide Healthcare Innovation Fund I, LP ("The Fund"), with $83 million in committed capital. This fund is Eventide's first dedicated private investment vehicle. It builds off Eventide's reputation of excellence in private biotech, with over $500 million invested in 38 private healthcare and biotech companies as of March 31, 2024. Led by Eventide's experienced Healthcare Investment Team, the Fund invests in private biotech companies developing innovative solutions for underserved patient populations.

The Fund is targeting companies within three years of reaching a significant value creation milestone. The investments can range from earlier-stage companies to later-stage commercial endeavors or private investments in public equity. The unifying mission is to address critical unmet needs through cutting-edge therapeutics, devices, and diagnostics. The Fund and team are led by Finny Kuruvilla, MD, PhD, and includes Brian Chow, PhD, Gilbert Kinsey, PhD, PharmD, and Westley Dupray, CFA. There have been three investments made to date.

"Biotech is an area where we believe investors can profoundly address the world's greatest unmet needs. We believe diseases like Alzheimer's and cancer can be terms in history books rather than active villains," said Dr. Kuruvilla, Managing Director. "This new venture fund is a powerful tool to facilitate that impact." The Fund's investor base includes endowments, foundations, and family offices.

"This marks the beginning of an exciting new era for us by offering dedicated private investing at Eventide," added Michael Schnackenberg, Head of Institutional Sales. "I'm proud of our team's execution in closing our first private fund, and I look forward to seeing the potentially life-saving impact of these investments."

About Eventide

Eventide Asset Management, LLC, is a Boston-based investment adviser with $7.0 billion in assets under management as of 12/31/2023, practicing "investing that makes the world rejoice^®." Founded in 2008, Eventide's vision is to serve individuals, financial advisors, and institutions by seeking to provide high-performance investments that we believe create compelling value for the global common good.

SOURCE Eventide