Deerfield Management launches $550m healthcare focused fund with Princeton and Northwestern Universities.
Deerfield Management has closed its Deerfield Healthcare Innovations Fund at $550m after securing the backing of top US universities.
Princeton and Northwestern are amongst the “leading universities” which have supported the fund. They are also joined by healthcare institutions New York Presbyterian Hospital, Memorial Sloan Kettering, and Seattle Children’s Hospital. Philanthropic investor Robert Wood Johnson Foundation also joined.
The fund will allocate all profits which aren’t earmarked for investors to the Deerfield Partnership Foundation, which is seeking to provide healthcare services for children as well as invest in healthcare research.
US-based Deerfield is yet to disclose a strategy for the healthcare fund.
James Flynn, president and managing partner of Deerfield, said: “The unprecedented advances in our understanding of the biology of disease combined with the application of new technologies allow for life-altering changes in medical practice. The pullback in funding that has occurred for these innovations over the last decade could not have happened at a worse time. Our unique model of producing research through the Deerfield Institute and our philanthropic endeavours through the Deerfield Foundation allows us to provide value to innovative institutions, companies and patients that goes well beyond capital.”
