Third Rock Ventures partner Bob Tepper says his team prefers to “do the heavy lifting” in support of its young portfolio companies. The firm’s investors seem to agree with that approach. Third Rock closed its third fund March 25, bringing in $516 million – almost $100 million more than its 2010-vintage second fund.
The new investment vehicle was oversubscribed, provoking enthusiastic interest from limited partners. Third Rock had intended to raise about $425...