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Genomics Will Be a Focus of New $700M VC Initiative in California

NEW YORK (GenomeWeb News) — A California private equity group plans to invest as much as $700 million in new health-care initiatives that will include funding for predictive genomics, as well as other high-tech health-care programs such as telemedicine and chronic care improvement, the fund, Health Evolution Partners, said today.
The state's Public Employees Retirement System will commit $500 million to the fund, with its emphasis on “direct investment, private-equity investments and strategic investments,” and as much as $200 million for “investments in health and other in initiatives,” Health Evolution said.
The investments will come through a private-equity fund aimed at pumping money into “promising health care ventures that challenge traditional models,” and intends to help companies press their innovations toward commercialization.
Health Evolution, based in San Francisco, said its central goal is to “commercialize those innovations that enable a shift to information-rich, defect-free and cost-effective health services.”

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