The new private equity fund from Visium Asset Management LP has scored a $275 million first close, according to SEC filings.
Vision Healthcare Partners LP raised $100 million while an offshore fund collected $175 million, SEC filings show. The target for the fund is $500 million, a source said.
Fortress Group is the placement agent, the filings said. Visium Healthcare will invest in the biopharmaceutical and medtech sectors, endowment documents from the University of Michigan Board of Regents said.
In July, the University of Michigan committed $50 million to Visium Healthcare Partners, Buyouts reported. Visium Healthcare provides financing to healthcare companies that it backs with royalty interests, revenue streams or structured debt, Buyouts said.
Avinash Amin and Ken Macleod lead Visium Healthcare Partners.
Founded in 2005, New York-based Visium is a healthcare-focused hedge fund with over $7 billion in assets. The hedge fund in May 2013 announced the launch of the healthcare royalties PE fund. Macleod — along with John Leone, David Lippman and Julie Rahman — joined Visium from Paul Capital. A secondary PE firm, Paul Capital has been winding down since 2014 after failing to find a buyer.
Bloomberg News reported Visium’s fundraising in July.
Visium declined comment. Fortress couldn’t immediately be reached for comment.
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