Bain Capital Life Sciences said Tuesday it has secured about $3 billion for its fourth fund, bringing the private investment firm’s total haul since its 2016 inception to $6.7 billion.

Bain Capital said the new fund includes $2.5 billion of outside commitments from new and existing investors, with the remainder coming from its partners, employees and affiliates. The firm said it intends to use the cash to back companies working on therapeutics, medical devices, life science tools and diagnostics that will “improve the lives of patients with unmet medical needs.”

Since being formed eight years ago, Bain Capital’s life sciences arm has invested in more than 70 companies that have achieved 16 regulatory approvals. The firm invests in new companies, provides growth funding for more advanced startups and also financial lifelines to “fallen angels” it deems to be at a crossroads. It has had success investing in spin-outs of pharmaceutical companies, too. Springworks Therapeutics and Cerevel Therapeutics, for instance, were each built around medicines that originated at Pfizer. Springworks eventually went public and last year brought a drug for desmoid tumors to market. Cerevel, meanwhile, was acquired by AbbVie for $8.7 billion.

The new fundraise follows a string of buyouts involving some of Bain’s portfolio companies that were private at the time of their acquisition. This year alone, Aiolos Bio, Jnana Therapeutics and EyeBio were acquired by large drugmakers, part of a recent uptick in M&A deals for biotech startups.

Amid a stabilization of biotech venture funding, the firm has also continued to invest in some of the sector’s larger funding rounds, among them a $260 million financing for Cardurion Pharmaceuticals last month and a $400 million raise in May for an obesity drug startup tentatively called Hercules CM NewCo.

Bain Capital previously raised $1.9 billion for its third fund three years ago.