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Flagship Ventures raises $537 mln for fifth fund

Flagship Ventures, a healthcare-focused venture firm, has closed its fifth fund at $537 million.

The Cambridge, Massachusetts-based VC did not disclose a target for Fund V. Dr. Noubar Afeyan, a Flagship senior MD and CEO, said in a statement that the fifth fund closed with nearly twice the amount of capital the firm initially sought. Including the new pool, Flagship said it has $1.4 billion in funds under management.

Flagship Ventures Fund V will focus on backing early-stage companies in therapeutics, health technologies and sustainability, specifically in the energy, water, and agriculture/nutrition sectors.

In early January 2012, Flagship announced that it had closed its fourth fund at $270 million, beating its $250 million target. No performance data was available.

Flagship said Thursday it also promoted Dr. Douglas Cole to managing partner and Dr. David Berry to general partner.

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