Gilde Healthcare closes fund on €145m

The fund was launched in September 2010 and is the fourth vehicle managed by Gilde Healthcare, a subsidiary of Netherlands-based Gilde Investment Management. The firm's healthcare division now has more than €450m under management across its four funds.

The fund made its first investment at the beginning of 2012 and had raised close to two thirds of its target by that point, managing partner Pieter van der Meer told unquote".

Terms and conditions for the fund are described by van der Meer as standard. The fund has a lifespan of 10 years, and Gilde Healthcare did not use a placing agent to raise the vehicle.

GHC III's predecessor, Gilde Healthcare II, was launched in January 2006 with a target of €125m, according to unquote" data. The fund held its first close in July that year on €85m and eventually reached €150m in October 2007.

Gilde Healthcare has had a somewhat quiet year, though the firm divested its portfolio company Profibrix in August alongside Index Ventures, Vesalius Biocapital and Inkef Capital. The consortium sold the Dutch biotech to The Medicines Company for a total consideration of $240m. Gilde Healthcare had invested in Profibrix in August 2009 via GHC III's predecessor.

Investors
Philips Corporation is a cornerstone investor of the fund and had invested in the vehicle prior to GHC III's first closing.

Rabobank and the European Investment Fund are also backers of the fund. Both were also investors in the Gilde Healthcare I and II vehicles.

Public funds-of-funds, family offices and high-net-worth individuals committed to the vehicle. Commitments came from a balanced mix of international corporate and institutional investors, according to Gilde Healthcare. There was also a GP contribution to the fund.

All of the fund's investors are Europe-based. Approximately three quarters of GHC III's LPs are returning investors, having committed to the firm's previous healthcare funds.

Investments
The fund will provide equity tickets of up to €15m for US or European companies operating in the healthcare industries, particularly within digital health, medical devices, diagnostics and therapeutics. GHC III's specific focus is companies that aim to deliver low-cost healthcare solutions.

Gilde plans on making up to 12 investments through GHC III. The fund has already invested in four companies, the most recent of which is Sapiens, a Dutch medical device company developing a steering deep brain stimulation treatment for people with degenerative brain disorders.

The vehicle also backed Germany-based Definiens in October 2012. Gilde Healthcare led a €10m funding round for the image analysis company alongside TVM Capital, Cipio and company management.

GHC III is also invested in two US companies: portable oxygen concentrator developer InovaLabs and orthotic and prosthetic devices developer iWalk.

People
Pieter van der Meer is a managing partner at Gilde Healthcare.

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