BOSTON & HONG KONG & LONDON--(BUSINESS WIRE)--Wellington Management, one of the world’s largest independent investment management firms, today announced the final close of the oversubscribed Wellington Biomedical Innovation Fund I.

The Fund will invest in private biotechnology companies focused on drug discovery and development, and seeking capital to advance their scientific programs.

Bob Deresiewicz, MD, Senior Managing Director at Wellington, said, “Biotechnology represents an exciting investment area, driven by an explosion in fundamental biomedical knowledge and a growing ability of companies to deploy that knowledge in the service of breakthrough drug discovery. We pursue an evidence-based approach to investing, seeking to leverage our biomedical, scientific, and industry expertise to identify promising assets that could meaningfully advance medical practice.”

Chris Kirk, the President of Wellington Alternative Investments, added, “This new sector-focused fund is the next step in expanding our private investment capabilities as we look for new opportunities to create long-term value for our investors. We believe our portfolio companies will benefit from partnering with Wellington and our extensive team of tenured industry analysts, who bring sector-level insights and public market expertise in support of their strategic growth plans."

The close of Wellington’s Biomedical Innovation Fund I expands the Firm’s private investment platform, which now includes both health care and late stage growth funds totaling $2.7 billion. The funds’ global investor base includes public and private pension plans, insurance companies, corporations and family offices.

About Wellington Management

Tracing its history to 1928, Wellington Management is one of the world’s largest independent investment management firms, serving as a trusted adviser to over 2,200 institutional and private clients located in more than 60 countries and managing over USD 1 trillion of assets.*

Wellington offers comprehensive investment management capabilities that span nearly all segments of the global capital markets. The firm’s only business is investment management and its mission is to exceed the investment objectives and service expectations of its clients worldwide. Wellington’s solutions draw on a robust body of proprietary research and a collaborative culture that encourages independent thought and healthy debate.

For more information, visit www.wellington.com.