20 Jul Burrill seeking $1B for Elk Run, but ‘no checks yet’
Biotech investor Steve Burrill is out raising a $1 billion fund to support the massive bioscience project planned for Elk Run, near Rochester, though he has “no checks yet.”
Burrill, a well-known investor who leads San Francisco-based venture firm Burrill & Co., said in an interview Thursday that he has received commitments for the fund. However, he has not closed on any capital. Burrill plans to use half the proposed fund, or $500 million, to support construction of the 2,300-acre project. The remainder would be used to invest in life sciences startups, which he expects to occupy the development.
Burrill is partnering with Woodland, Calif.-based Tower Investments, the real estate developer behind the project. Tower Investments has several times declined to comment on to what extent the project is already financed.
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