Flagship Ventures, a VC firm focusing on technologies for healthcare and sustainability, has closed its 2011 fundraising efforts with $270 million in the bank.

The new Flagship Ventures Fund IV L.P. was set at $250 million, but investors exceeded that amount. Investors included all types of organizations from foundations to corporations to individuals, including a few new limited partners that had not contributed to previous funds.

Flagship’s portfolio companies seem to be tackling big, human-scale problems from energy to epidemics, and the firm has seen exits that match that ambition. Some of its more notable exits include Adnexus Therapeutics, which was sold for $430 million to Bristol-Myers Squibb; Morphotek, which was acquired for $325 million by Japanese big pharma company Eisai; and Hypnion, which was bought by Lilly for an undisclosed sum.

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“We are quite pleased by the market’s reaction to our fourth fund,” said Flagship CEO and managing partner Noubar Afeyan in a release.

“Despite the difficult environment for fundraising, especially for early-stage venture firms, we received strong support from our prior investors, as well as from several new important limited partners. We believe that the firm’s investment strategy and … history of building valuable, transformative companies are well aligned with the world’s ever increasing reliance on innovation, entrepreneurship and value creation.”

Indeed, VC fundraising had a lackluster year in 2011, according to Dow Jones analysts. On average, a U.S.-based venture capital firm in 2011 was only able to raise around $120 million.

Flagship’s last fund, which launched in pre-economic-meltdown 2007 with a healthy $235 million raise, fed a portfolio of 24 ventures such as Joule Unlimited, which aims to solve the global energy crisis with a biofuel alternative, and Selecta, which produces nanotechnology-powered vaccines.

Counting the new fund, Flagship now manages more than $900 million of early-stage capital and has cultivated a portfolio of more than 65 companies. Also, 25 of those companies came from inside Flagship itself via the firm’s in-house venture creation group, VentureLabs.

In addition to continuing its investment in early-stage companies, Flagship will use part of the new fund to invest in later-stage companies.