Wellington Management, an independent investment management firm, has closed its Wellington Biomedical Innovation II with approximately $476 million in commitments.

Led by Wellington’s private market biotech investing team, the fund invests in private biotech companies that are developing treatments that seek to improve medical care. The team leverages the Wellington platform, collaborating with Wellington’s global healthcare team, which manages more than $67 billion in assets. The fund has made four investments to date.

“We think there is an accelerated pace of innovation underway within biotech and life sciences companies across developed and emerging markets,” comments I-Hung Shih, co-head, biotech private investments at Wellington Management. “The rise of new and changing global demographics coupled with breakthrough drugs, therapies and preventative care are driving secular long-term growth. We see an exciting set of investment opportunities with potential to become industry leaders capable of transforming the standard of medicine as we know it.”