Blackstone has announced the closing of its inaugural life sciences fund with $4.6 billion of total capital commitments.

The company stated that the fund, Blackstone Life Sciences V, is the largest life sciences private fund raised to date.

Blackstone Life Sciences has three main investment strategies: collaborations with established companies, late-stage product financings, and growth investments in emerging companies.

Blackstone Life Sciences has already committed nearly $1 billion from this fund to investments in Alnylam, a biotechnology company; Reata Pharmaceuticals, which is developing a medicine for a kidney disease affecting children; and Medtronic, in support of the company’s diabetes management products.