Bicoastal life sciences investment firm TCG Crossover (TCGX) has closed its third fund in about four years, securing $1.3 billion to bring its total capital raised to $3.1 billion.
This third fund was supported by investors both old and new, including institutions, foundations, pensions and endowments, TCGX announced in an Oct. 6 release.
“Exceeding our target for Fund III highlights the deep trust and conviction our investors have placed in our team and approach,” Chen Yu, M.D., founder and managing partner of TCGX, said in the release. “We remain steadfast in our mission to back visionary entrepreneurs and companies advancing disruptive medicines to improve patient outcomes.”
The new haul eclipses the firm’s total for fund two, which closed in January 2024 with $1 billion in hand.
TCGX has participated in several high-profile biotech fundraisings since its February 2021 founding.
Right out of the gate, the firm led Arbor Biotechnologies’ $215 million series B, following a string of smaller—but still substantial—rounds for ShouTi (now Structure Therapeutics), Obsidian Therapeutics, Artios Pharma and RayzeBio (acquired by BMS).
In the years since, TCGX has backed the hefty $370 million launch of Candid Therapeutics, which was founded by former RayzeBio chief exec Ken Song, M.D, and supported Tourmaline Bio, the cardio startup that recently turned a discarded Pfizer asset into a $1.4 billion Novartis buyout.
The firm’s most recently announced fundraising was a $135 million series B for Adcendo, a Danish biotech developing antibody-drug conjugates for cancers with high unmet need.
Alongside the new fund, TCGX also announced that Giuliano Marostica has been promoted to managing partner.
“Giuliano was the first team member to join me at TCGX, and he has played an integral role in building the firm and bringing tremendous value to our portfolio companies,” Yu said in the release.