Life Science VC Longitude Closes in on Fund II

Life science investor Longitude Venture Partners has raised $332 million toward a planned $375 million second fund, according to a securities filing.

The firm, which has offices in Menlo Park, Calif. and Greenwich, Conn., raised its first fund, a $325 million vehicle, in 2007. Since then, it has invested in a least 14 portfolio companies, according to Thomson Reuters data.

On its website Longitude describes its strategy as stage agnostic, though admits a “bias toward earlier stage medical device companies and more mature biotechnology teams.” The firm prefers to lead or co-lead rounds and take board seats, typically investing $10 million to $30 million over the life of each portfolio company.

Longitude has made several investments this year. They include a private investment in public equity (PIPE) investment in Corcept Therapeutics, a developer of therapies for hormone-related disorders and participation in a follow-on round for Aptus Endosystems, a developer of technology for endovascular aneurysm repair, according to Thomson Reuters. The firm also co-led a $22.5 million Series B round for Collegium Pharmaceuticals, a developer of treatments for chronic pain.

One of the limited partners in Longitude Venture Partners first fund is the Colorado Public Employees’ Retirement Association (Colorado PERS). As of December, 2010, the fund had posted strong returns, with an internal rate of return of 27%, according to Colorado PERS data.

Longitude’s partners declined to comment on Fund II, citing securities regulations.

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