RALEIGH – A Raleigh-based investment firm focused on growing life sciences and health care companies raised an additional $146 million for its investment fund, according to a recent SEC filing.
NovaQuest Capital Management raised the money in its private equity fund NovaQuest Pharma Opportunities Fund V.
To date, NovaQuest has raised $892.75 million towards this fund since 2017. The offering totals $1.5 billion, meaning NovaQuest hopes to raise an additional $607.2 million for the investment fund.
Formed in 2000, NovaQuest manages over $1.6 billion through biopharmaceutical investments and private equity deals.
Through its biopharmaceutical platform, NovaQuest invests in products that are in the late-clinical trial and early-commercial stages. Its investment portfolio includes products from Pfizer, Allergan and Sanofi.
In the private equity area, NovaQuest partners with growth-stage companies, focusing on revenue growth and business formalization. It targets companies with $20 million to $100 million in annual revenue, positive cash flow and an enterprise value of up to $500 million.
NovaQuest did not state what it intends to do with the proceeds. However, the filing notes that “an affiliate of the general partner will receive an undetermined fee for management services.”
John L. Bradley Jr. signed off on the filing. He is listed as director of the new fund, and is also a founding partner with NovaQuest.
Ronald Wooten, another NovaQuest founding partner, is also listed as a director. He currently serves as NovaQuest’s chief investment officer.
Two other individuals, Ikegami Manabu and Ernest G. Brown, are listed as directors of the fund. They do not hold any official positions with the firm, though they have been listed as affiliates with previous NovaQuest investment funds.
Companies relying on a Reg D exemption do not have to register their offerings of securities with the SEC, but they must file what’s known as a Form D electronically with the SEC after they first sell their securities.
