Blackstone announced the close of its largest life sciences private fund, raising $6.3 billion through its Blackstone Life Sciences (BXLS) platform.

The fund is significantly larger than its predecessor and is part of a platform that has grown to manage about $15 billion in assets since launching in 2018.

Blackstone said its investments have helped support the development of 34 approved medicines and devices, with a high success rate for late-stage assets.

The firm has been increasingly active in biopharma, funding research partnerships with companies like Teva Pharmaceutical Industries, Merck & Co., Johnson & Johnson, and Novartis, Yahoo Finance has reported.

Overall, the deal reflects growing private equity investment in healthcare and biopharma, which continues to attract substantial capital globally.