Ebb & Flow

For the second time this month, a sizeable first-time fund with a seasoned team has closed above its initial target. Last week, Cowen Healthcare Royalty Partners closed its first fund at more than $500 million.

In early July,Longitude Capital, spun out of Pequot Capital, closed a $325 million fund, above its $250 million target (see BioCentury, July 14). ...