The group of financial investors who spun out Raleigh-based NovaQuest in 2010  from Quintiles to focus on life science investments, have closed on a fund worth $459 million.

However, the team had set out to raise $500 million.

NovaQuest announced the formal close to its Fund III on Thursday.

In an SEC filing last November, NovaQuest said it had closed on $426 million and was targeting $500 million.

“We are extremely pleased to have a mix of high-quality, limited partners who have entrusted their capital to us, and who are supportive of our unusual, alternative offering that seeks to earn returns primarily from the important products of mid- and large-size biopharmaceutical companies,” said Ron Wooten, managing partner and chief investment officer of NovaQuest, in a statement.

“The global biopharmaceutical industry faces many challenges as it seeks to bring new and beneficial medicines and therapies to patients. We believe these challenges and the demand to improve healthcare globally should provide many opportunities for NovaQuest to make investments that both help patients and give our limited partners the chance to earn attractive returns on their investments,” he added.

Quintiles formed NovaQuest as an investment group in 2006.

In May, NovaQuest disclosed it had raised $80 million for NovaQuest Co-Investment Fund I.

Investments from the Fund III include:

  • Hospira
  • Pharmaxis
  • Revance Therapeutics
  • Precision Dermatology