VC coffers still full as bear market returns

An analysis of the most active VC investors over the past two years shows that despite biotech entering its second bear market within a five-year period, private life science investors still have plenty of dry powder to make new investments.

A selection of the most active VCs over the past two years shows that 20 firms with closed-end funds raised more than $32.5 billion in new capital since the end of 2020 — with $27.6 billion of that sum raised within the past 15 months. Nine of the funds raised more than $1 billion in capital...