BOSTON, April 13, 2020 - International law firm Proskauer announced that it advised its long standing client ARCH Venture Partners in the raising of $1.46 billion to finance two new venture capital funds, ARCH Venture Fund X and ARCH Venture Fund X Overage.
“We have worked with ARCH Venture Partners since their founding over 30 years ago and are thrilled to be part of this effort. Current events have shown us how important research in the biotech field is and the implications that such funding can have for all of us. Capital is the engine that drives research and discovery,” said Robin Painter partner and global co-head of the Private Funds Group.
ARCH will deploy Fund X and Fund X Overage to invest in early stage companies. While ARCH will frequently co-invest in a company with both funds, Fund X Overage will be utilized in fewer deals requiring larger investments. Limited partners include endowments, family offices, sovereign wealth funds and other institutional investors.
Fund X and Fund X Overage follow ARCH Venture Fund IX and ARCH Venture Fund IX Overage, which closed in 2016 with a combined $1.1 billion. ARCH Venture Fund VIII and ARCH Venture Fund VIII Overage closed in 2014 with a combined $560 million.
In addition to these two new funds, ARCH companies Vir Biotechnology, Alnylam Pharmaceuticals, VBI Vaccines, Brii Biosciences and Sana Biotechnology are currently working to develop COVID-19 therapeutics; Quanterix is advancing technology that can help with clinical testing needs and support clinical trial continuity; Twist Bioscience is advancing genomic and gene engineering tools used in COVID-19 therapeutic and vaccine development; and Bellerophon’s inhaled nitric oxide (iNO) delivery system recently received emergency expanded access approval from the Food and Drug Administration for treatment of COVID-19.
The Proskauer team consisted of partners Robin Painter and David Jones, associate Emily O’Brien (Corporate), partner Jamiel Poindexter and associate Kim Swiszcz (Tax) and senior counsel Adam Scoll (ERISA).
Proskauer offers a full suite of services for the investment management industry, with a market-leading global team dedicated solely to advising asset managers, investment funds and their advisers, financial institutions and institutional investors across the asset class. The cross border team of over 150 lawyers is based in the U.S., UK, Asia and Latin America and includes specialists in tax, ERISA, regulation, financial services, employment, insurance, fund finance, litigation and risk management who understand the unique technical and commercial issues relevant to investment managers.
About ARCH Venture Partners
ARCH Venture Partners invests in advanced technology companies and is one of the largest early stage technology venture firms in the United States. The firm is a recognized leader in commercializing technologies developed at academic institutions, corporate research groups and national laboratories. ARCH invests primarily in companies it co-founds with leading scientists and entrepreneurs, bringing innovations in life sciences and physical sciences to market.
For more information, visit www.archventure.com