Paul Kedrosky's Infectious Greed Musing about technology, finance, venture capital, & the money culture with Paul Kedrosky by Paul Kedrosky

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Why Have a Biotech Venture Fund?

I was playing with some CalPERS venture investing data today while on planes. I decided to split the data into pre-2004 vintage non-biotech and biotech funds. The results were as follows:

	Multiple	IRR
Biotech	0.33	1.9%
Non-bio	0.58	3.0%

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