Forbion holds first close for FCF III

The fund has a target of €150-200m.

Its predecessor, Forbion Capital Fund II, was launched in November 2008 with a €150m target and eventually closed on €136m in July 2010.

The firm has had a busy 2014 so far. In August, Forbion sold Danish biopharma Santaris Pharma to Swiss healthcare firm Roche for $450m. The VC was part of a large investor syndicate exiting the company that also included Sunstone Capital and Gilde Healthcare Partners.

In July, Forbion portfolio company arGEN-X, a Dutch biotech, listed on the Euronext Brussels with a market cap of €131.7m. The company sold 4.7 million new shares at 850 cents apiece, raising €40m.

Investors
The fund has received commitments from new and existing investors based in Europe, Canada and the US.

European Investment Fund (EIF) and the European Investment Bank-backed risk capital resources mandate have jointly committed €15m to the fund.

EIF invested through the Dutch Venture Initiative – a €150m fund-of-funds launched by PPM Oost and EIF with support from the Dutch Ministry of Economic Affairs – and the LfA-EIF, a €100m fund-of-funds launched by EIF and LfA Förderbank Bayern that provides capital to funds that invest in the Bavarian region of Germany. Forbion has an office based in Munich.

Investments
The fund is aiming to make investments in 12-15 companies that operate within the biotechnology, medical devices and diagnostics sectors.

Forbion has invested in 56 companies since its foundation in 1999. The firm claims 30 of these have been sold to trade players or listed on the stock exchange, resulting in an IRR of 30%.

People
Forbion managing partners Sander Slootweg, Martien van Osch and Sander van Deventer, partners Geert-Jan Mulder, Holger Reithinger and Christina Takke and principal Marco Boorsma will manage the fund's portfolio.

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