The investment firm specialising in healthcare companies nearly hit its $2.5bn fundraising target.
The London-based firm, which has closed five deals, exceeded its €500m target.
The fund will be led by Adam Koppel, who rejoined the firm this year from biotechnology company Biogen, and Jeff Schwartz, who moves over from Bain’s private equity team.
The US lower mid-market firm, which currently holds four healthcare portfolio companies, exceeded its $750m target.
Investors in the fund, which has backed a number of healthcare companies, include insurance company The Hartford and Pomona Investment Fund, a private equity fund-of-fund for HNWs.
The firm has reached its fundraising target after less than six months in market.
A final close is understood to be just weeks away on Abraaj’s first sector-focused fund.
US life sciences venture firm OrbiMed has led a $41.4 million Series B round of financing in Turnstone Biologics, a Canada-based developer of immunotherapies for cancer.
Medical Research Future Fund, part of Future Fund, plans to acquire mature private equity stakes and commit to managers who hold assets for shorter time periods.
Alternatives growth spiked as traditional equity and fixed income AUM among the largest 500 asset managers declined 7% during 2015, according to Willis Towers Watson research.