Goldman Sachs Asset Management raises $650 million for life sciences fund

(Reuters) – Goldman Sachs Asset Management said on Wednesday it had raised $650 million for a new fund that will invest in startups related to the life sciences sector.

The fund, West Street Life Sciences I, will specifically target early to mid-stage therapeutic companies with multi-asset portfolios as well as tools and diagnostics firms.

“Life sciences represents one of the most exciting areas in the private investing landscape, with advances in technology transforming healthcare at an unprecedented pace,” said Marc Nachmann, global head of Asset & Wealth Management at Goldman Sachs.

Goldman said Life Sciences I has already committed about $90 million to five companies, including cancer drug maker Nested Therapeutics and precision medicine firm MOMA Therapeutics.

The company had raised about $4 billion for its infrastructure fund, West Street Infrastructure Partners IV, last year.

(Reporting by Arasu Kannagi Basil in Bengaluru; Editing by Krishna Chandra Eluri)