Patient Square Capital, launched in 2020 by Jim Momtazee, has closed its first fund at $3.9 billion, it announced Wednesday morning. According to Patient Square, it is the largest fund closed by a healthcare-focused firm. Momtazee, who founded and led the healthcare group for private equity giant KKR, left in 2019 to start Patient Square as a healthcare-specific firm, investing in biopharma, devices and diagnostics, providers, and tech services. The fund’s close — $900 million above target — comes as public markets were down this past year, leading many a biotech to lay off staff, thin pipelines, or even shutter completely. When Momtazee launched Patient Square in the summer of 2020, it was the “darkest days of the lockdown,” he told Endpoints News. And despite everyone else turning toward more remote and virtual work, Momtazee went the other direction. “We did a lot of improvised meetings,” he said. “’Jim showed up at someone’s house and we sat out in the cold on their porch and sat 10 feet apart and we chatted’ — we did a lot of that. So we improvised, but we did a lot of this the old-fashioned way — very new in that like it was Covid-compliant but very old-fashioned in that it was face-to-face. So we did very little of this electronically.” When it came to fundraising, Momtazee said, at first no one was willing to meet them. But once the vaccines rolled out, he and his team immediately began traveling, and Momtazee’s “pretty much traveled non-stop since then,” he said. Patient Square made a number of moves in the biopharma sphere last year. In May, the firm unveiled Enavate Sciences, which got $300 million to invest in “middle innings” private and public biotechs, with former SVB president James Boylan at the helm. That same month it led to $270 million Series C for gene therapy company Kriya Therapeutics, led by Shankar Ramaswamy, the brother of Roivant founder Vivek Ramaswamy. (Roivant went public on the back of Momtazee’s SPAC a year earlier.) In June, Patient Square led a $145 million funding round for UK-based translational medicines outfit Apollo Therapeutics. Then, it acquired Radius Health, which houses osteoporosis drug Tymlos, alongside Gurnet Point Capital, taking the public company private. But for Momtazee, things are just beginning. “Earlier in my career, mentors of mine would advise that the work starts when a transaction closes. Never has that felt more apt than right now with our fund closing,” he said in a statement.