NovaQuest Private Equity has closed its private equity investment fund, NovaQuest Private Equity Fund II, LP at $500 million, exceeding the fund’s initial target of $425 million.

NQPE invests in tech-enabled pharmaceutical firms that improve medical outcomes and reduce costs.

Michael Sorensen, partner at NovaQuest Private Equity, said, “As a continuation of the strategy we executed in our first fund, NQPE II will focus on investing in innovative companies in attractive thematic sectors and on partnering with talented management teams to build great companies.”

Eaton Partners served as the placement agent for NQPE II and Ropes & Gray LLP provided legal counsel.