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    Bain Capital raises $720 million for life-sciences fund

    Bain Capital has raised $720 million for its first-ever life-sciences fund, which aims to invest in drug developers and other companies involved in seeking cures for serious diseases.

    Outside investors will account for $600 million of the fund, while Bain partners represent the other $120 million, according to executives at the Boston private equity firm.

    Bain Capital has done many health care deals in the past, but the new fund, called Bain Capital Life Sciences, will have its own pool of money and at least 10 executives, including doctors and PhDs, dedicated to researching and finding deals. The typical investment will be in the $20 million to $70 million range, smaller than the firm’s multibillion-dollar private equity deals.

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    In general, the fund will be focused on competing for deals at companies it can help move to the next level — like getting a drug into clinical trials, or by boosting revenue, or helping to overhaul a company that’s already publicly traded, said Adam Koppel, one of the fund’s managing directors.

    The firm last month announced its first two deals. Bain Capital Life Sciences co-led a $50 million investment in Solid Biosciences of Cambridge, which is developing a gene therapy treatment for Duchenne muscular dystrophy. It also led a $70 million stock purchase of Dicerna Pharmaceuticals Inc., a Cambridge drug developer.

    Beth Healy can be reached at beth.healy@globe.com. Follow her on Twitter @HealyBeth.