Led by Chen Yu, Column Group-affiliated TCG Crossover closes first fund with $824M

With longtime Vivo Capital partner Chen Yu as its founding managing partner, the newly unveiled TCG Crossover fund will aim to invest $824 million with an even split between public and private therapeutics companies — and an eye on an emerging opportunity for crossover investments in China.

Although TCG Crossover is affiliated with The Column Group, Yu told BioCentury the firm preferred to have separate governance and decision-making in the new fund. The crossover fund’s portfolio will have little overlap with The Column Group’s three to four early-stage investments per year. Yu expects TCG Crossover to make 25-30 investments in about three years, typically investing about $30 million...