Goldman Sachs Group’s asset management arm has completed fundraising for its debut fund dedicated to backing high-technology businesses in healthcare, a sector where many companies have lost significant value since 2021.

The GSAM unit of the New York investment bank has raised $650m for West Street Life Sciences I, through which the firm backs early- and mid-stage businesses focused on areas such as precision medicine, cell therapy, immunotherapy, synthetic biology and artificial intelligence, Goldman said. The fund gives the firm a chance to capitalise on recently reduced company values in the sector.