Jeito Capital closed its second flagship fund at more than €1 billion ($1.2 billion), exceeding targets and marking a record for an independent European biopharma-focused fund. The vehicle, Jeito II, is expected to back 15 to 20 clinical-stage companies and increases the average ticket size to as much as €150 million. The firm said the strategy is designed to support portfolio companies through late-stage development and commercialization while reducing dependence on public markets. Jeito cited macro headwinds including a looming patent cliff that could erode revenues, helping maintain deal activity as buyers seek pipeline replenishment. For investors and founders, the raise adds another large, Europe-centric source of follow-on and “hold-to-exit” capital in a period when many biotechs are prioritizing runway as valuations reset.