Sofinnova closes eighth fund on €300m

Fundraising for Sofinnova Capital VIII took nine months. Placement agent Triago and law firm Clifford Chance worked with the VC on the fundraise.

According to unquote" data, the vehicle represents a step up from predecessors Sofinnova Capital VI and VII, which closed on €260m and €240m in February 2010 and December 2012, respectively.

According to the VC, which is the European arm of California-headquartered Sofinnova Ventures, the new fund brings capital under management up to a total of €1.5bn. 

Investors
Sofinnova Capital VIII's LP base features institutional investors such as pension funds, funds-of-funds, family offices and insurers.

In line with the Sofinnova Capital VII vehicle, capital was primarily raised from backers based in European countries such as France, Italy, Sweden, Norway, Switzerland and the Benelux region. Investors from the US and Canada also backed the fund.

Investments
Sofinnova Capital VIII will mirror its predecessor's strategy, writing €15-20m tickets to finance 15-20 deals across its lifespan. It will act as founding and lead investor in healthcare startups and carve-outs, with plans to focus on biotech and medical device businesses.

As was the case with the seventh fund, the new vehicle will dedicate two thirds of commitments to the European market and earmark the remaining third for deals outside the continent, with a focus on North America.

According to a source close to Sofinnova, the fund financed its maiden deal in September, when the VC led a CHF 30m series-A for Swiss Alzheimer treatment developer Asceneuron. The vehicle has been used for several seed investments, the source added.

People
Sofinnova Capital VIII will be overseen by the VC's 12-strong investment team, led by managing partner Antoine Papiernik.

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