Jeito Capital closed its second independent biopharma fund at $1.2 billion (more than €1 billion), saying it topped its target and will back 15 to 20 clinical-stage European companies. The Paris-based investor characterized the close as its largest raise to date, following a €534 million first fund in 2021. Jeito said it focuses on therapies for severe diseases with high unmet need and that it plans to increase average check size in Jeito II to up to €150 million. The firm pointed to exits in ophthalmology and neurologic markets, including Merck’s $1.3 billion upfront acquisition of Eyebiotech and Biogen’s $1.15 billion buyout of Hi-Bio. The fund closes as Europe faces scrutiny over whether it can scale and retain biotech innovation compared with the U.S. and China. Investors and founders will be watching whether Jeito II can translate larger pools of late-stage capital into higher-probability clinical and commercial outcomes. Jeito’s new pool is expected to start deploying capital into advanced clinical programs and platform-backed startups across Europe.