Goldman Sachs rockets with huge $650M fund for life science!

Investment bank Goldman Sachs has raised $650 million to invest in privately held startups in the biotech sector. The company has closed its first-ever life sciences fund, called West Street Life Sciences I. The fund will be used to invest in genetic medicine, cell therapies, immunotherapies, synthetic biology, artificial intelligence startups, as well as diagnostics and life science tools companies. First-time funds have been difficult to raise during the biotech downturn, with the lowest fundraising total for first-timers since 2013 recorded in 2023. Around $11.6 billion was raised by 183 new VC funds last year, compared to $25.6 billion raised by 556 first-time funds in 2022.