Blackstone closes $6.3 billion life sciences fund at hard cap
Blackstone closed its sixth dedicated life sciences fund at a $6.3 billion hard cap, the largest private fund raised for the sector. The vehicle is nearly 40% larger than its 2020 predecessor and targets late-stage drug assets.
Blackstone has closed its sixth dedicated life sciences fund at a hard cap of $6.3 billion, the largest private fund ever raised for the sector. The oversubscribed vehicle, Blackstone Life Sciences VI, is nearly 40% bigger than its $4.6 billion predecessor, which closed in July 2020.
The fund focuses on late-stage drug assets. Blackstone said it looks for assets that have already shown a signal of efficacy and are just one step away from regulatory approval and the market.
The source material said selected recent large-scale deals included $750 million for Moderna's mRNA-based influenza vaccine in 2024, $700 million for Merck's antibody-drug conjugate sacituzumab tirumotecan in 2025 in exchange for future royalties, $400 million co-funded for Johnson & Johnson's leukemia drug bleximenib in 2025, and $400 million for Teva's monoclonal antibody duvakitug in Phase 3, partnered with Sanofi, in 2025.
The transactions target late-stage programs with clear regulatory pathways. The source material said the platform had an 86% Phase 3 approval rate, above the industry average, and had achieved regulatory approvals for 34 drugs and devices.
At the end of 2025, platform assets under management were about $15 billion, and new investments over the past 12 months totaled about $2 billion. The source material said Blackstone will continue to deploy across late-stage oncology, autoimmune diseases, RNA therapeutics and gene medicine.
Since 2023, biotech fundraising has remained subdued, and the source material cited data showing global life sciences VC fundraising fell roughly 15% year on year in 2024. It also said the close at the hard cap sends a signal that investors are concentrating capital with large managers that have proven exit track records and structured transaction capabilities.