Jeito Capital, a prominent European biopharma investor, closed its second independent fund at more than €1 billion (about $1.2 billion), topping its target and raising the firm’s AUM to €1.6 billion. The new pool is designed to support 15 to 20 clinical-stage companies focused on therapies for severe diseases with high unmet need. The firm said Jeito II can commit up to €150 million on average per portfolio company, up from roughly the investment ceiling under its first fund. Jeito highlighted the industry’s looming patent cliff and increased M&A activity as drugmakers seek to close innovation gaps, with the new fund aimed at helping companies progress further into late-stage development. Jeito’s initial fund backed 15 to 20 clinical-stage biopharma companies and produced three exits, including EyeBio’s acquisition by Merck for up to $3 billion in 2024. Jeito positioned the larger raise as a way to keep strong companies private longer and reduce dependence on listed-market financing.