OrbiMed has announced the closing of its next venture capital fund with $950 million in limited partner commitments.

OrbiMed, headquartered in New York City, is an investment firm dedicated to the healthcare sector, with over $16 billion in assets under management.

The firm indicated its new fund, OrbiMed Private Investments VI, will invest in all stages and sectors of the healthcare industry, with a particular focus on biopharmaceuticals, medical devices, diagnostics and healthcare IT companies located in North America and Europe.

The fund is expected to invest in approximately 30 companies in amounts generally ranging from $10 million-$75 million.