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Santé Ventures, an Austin health care and life sciences investment firm, aims to raise $300 million for its fifth fund. 

The big picture: It comes as VCs struggle to raise funds amid LP liquidity concerns. 

By the numbers: Santé has raised $258.4 million of its goal, per a May SEC filing. 

Santé raised $260 million in its fourth fund in 2021, targeting 15 to 25 investments.

Zoom out: Only $10 billion was raised across 87 funds in Q1 — the slowest pace of fundraising in a decade, per PitchBook.

Nearly 80% of fund managers that raised in 2021 and 2022 had yet to close another as of the first quarter.

State of play: New York-based life sciences and health care firm Deerfield Management raised a $600 million fund in May.

But managing partner Jim Flynn told Axios at the time it was difficult to close because investors were "more constrained in terms of liquidity."

Aditum Bio and Andreessen Horowitz (a16z) also announced new life sciences funds this year.

Zoom in: Santé, led by Kevin Lalande, invests in early-stage biotech, health tech and med tech startups.

Portfolio companies include Libra Therapeutics, Ryme Medical and Solu Therapeutics, which raised a $41 million Series A in April.

Santé Ventures closing in on $300M fund

Santé has raised $258.4 million of its goal, per a May SEC filing.

Illustration of a stack of cash repeated three times, over green shapes and a blue zigzag line.

Santé Ventures, an Austin health care and life sciences investment firm, aims to raise $300 million for its fifth fund. The big picture: It comes as VCs <a class="gtmContentClick" data-vars-link-text="struggle to raise funds" data-vars-click-url="https://www.axios.com/pro/biotech-deals/2025/05/05/deerfield-management-raises-600m-fund-in-constrained-market" data-vars-content-id="d5be61a6-2f11-49ce-9930-43a05aaece92" data-vars-headline="Santé Ventures closing in on $300M fund" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/pro/biotech-deals/2025/05/05/deerfield-management-raises-600m-fund-in-constrained-market" target="_self">struggle to raise funds</a> amid LP liquidity concerns.

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Santé Ventures closing in on $300M fund

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