US-based hospital and accelerator operator Harrington Discovery Institute (HDI) has set up an impact investment fund to be managed by venture capital firm Advent Life Sciences.
The impact fund is structured alongside Advent Life Sciences’ third fund and brings a total of $215m of commitments to the firm.
Advent-Harrington Impact Fund is set up as a market rate investment fund with profits shared with HDI. It also has a partnership in place with Morgan Stanley Wealth Management to funnel philanthropic money to the fund through the MS GIFT Cures powered by HDI structure.
Jonathan Stamler, president of HDI, said: “Advent’s focus on delivering new medicines for unmet medical needs closely aligns with Harrington’s mission. We are pleased to be able to expand Advent’s access to world-class academic science with high medical and commercial promise.”
Advent’s portfolio success stories over the last year include the acquisition of Kandy Therapeutics by Bayer Pharmaceuticals for over $875m and the $183m initial public offering of Acutus Medical.
Photo of Jonathan Stamler courtesy of Wikipedia.
