Bay City raises $356M

Bay City Capital has raised $356 million of a proposed $425 million fund, according to a regulatory filing. The biotech investor’s fund is bigger than its $350 million 2004 balanced stage fund.

Bay City Capital was established in 1997 as an equal partnership between The Craves Group and the Pritzker Interests, a holding company for the family that controls Hyatt, TransUnion Credit Bureau and Royal Caribbean Cruise Lines.

San Francisco-based Bay City has had two exits so far this year. It sold vaccine company Syntonix Pharmaceuticals for $120 million in January, and EnteroMedics, which provides medical treatments for obesity, raised a $86 million IPO in May.