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One of the world’s largest private equity firms is turning its attention to biotech, piecing together a $720 million purse in hopes of ferreting out some value in a unsteady market.

Led by former Biogen dealmaker Adam Koppel, Bain Capital’s life sciences-focused group raised $600 million from outside investors and $120 million from the firm’s own vault. The plan, Koppel said, is to find companies that are 18 to 36 months away from a “value inflection point,” whether that be a clinical trial readout, a product approval, or some other make-or-break event.

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