In the Press
April 13, 2023

Wellington Management Raises $476 Million for Second Biotech Venture Fund (The Wall Street Journal)

Professionals
Wellington Management Co., an investment manager for pensions, insurers and other firms, is seeking to be a larger player in biotechnology venture capital. Boston-based Wellington, which manages more than $1.1 trillion, has secured $476 million for its second biotech venture fund, topping its first such pool, which closed at $394 million in 2019. Venture firms are scrutinizing startups more closely than they did during the investment boom of 2021, when venture rounds often came together in weeks, said Rachael Bushey, Life Sciences partner and co-chair of the Philadelphia office, to The Wall Street Journal. As a result, financings are taking longer to complete, she added. "They’re certainly more conservative in the way they’re deploying capital,” Ms. Bushey said.