Perceptive Advisors raises $323m for new credit fund

The New York-based investment management firm exceeded its $300m target for its new healthcare credit fund.

Perceptive Advisors has closed its new Perceptive Credit Opportunities Fund after pooling a total of $323 million in investor commitments from a global mix of endowments, family offices, and institutional investors. At closing, the fund had surpassed its original commitment target of $300 million.

The fund provides debt financing to small and medium-sized healthcare companies – including biopharma, medical devices, diagnostics, life science research and healthcare information technology firms – with capital products ranging from $10 million to $50 million per investment.

“We are seeing strong interest from healthcare companies seeking minimally dilutive funding for growth opportunities,” said Sam Chawla, portfolio manager of the fund. “Our capital base will enable us to invest in attractive opportunities that we are seeing in the market.”

Joseph Edelman, founder and CEO of Perceptive Advisors, added that this new investment fund allows healthcare companies to innovate and grow with its input of private credit. The firm stated that the new fund has been actively investing in companies, but how much of the fund’s capital has been deployed and to which companies is not clear.

Founded in 1999, Perceptive Advisors is a mission-driven investor, providing long term investments including direct secured loans, royalties and convertible structures, to support the global life sciences industry.

The firm had $1.25 billion in assets under management (AUM) as of 30 June 2016, compared with $1.3 billion AUM as of 31 December 2015, according to its latest quarterly report filed with the SEC.