Int.biotech. Share News (IBT)

LONDON (Dow Jones)--Venture capital firm SV Life Sciences Tuesday said it agreed to raise $523 million for its fifth fund dedicated to investing in life science companies like drug developers and medical device firms. The money raised exceeded the company's target of $400 million and SV Life Sciences said it now has assets under management of more than $2 billion. The fund, called SVLSF V, will focus on providing capital to life sciences firms starting up or seeking funds for expansion. Each investment will typically be between $5 million and $35 million, SV Life Sciences said. Investors in the new fund included pension funds, foundations, endowments and family offices, it added. The company, which manages London-listed International Biotechnology Trust PLC (IBT.LN), said 60% of the money raised came from the U.S. and 40% from Europe and elsewhere. -By Jason Douglas, Dow Jones Newswires; 44-20-7842-9272; jason.douglas@dowjones.com (END) Dow Jones Newswires June 29, 2010 10:35 ET (14:35 GMT)