1717 Life Science Ventures announces €50m venture fund

1717 will now begin fundraising and expects to hold a final close for 1717 LSV Fund within six to eight months.

The vehicle is registered in Germany and will have a 10-year lifespan with a five-year investment period. The management fee is 2% with 20% carry after a 6% hurdle and the fund will target a 2.8x return multiple.

The fund will be managed by Anna Steeger and Hakim Bouterfa, both previously of Octreo Pharm Sciences.

Investors
The fund has a commitment from Andreas Eckert, founder of Eckert Life Science Accelerator. The management team at 1717 has also backed the fund with €1m. It will seek further investments from family offices and private individuals.

Investments
The vehicle will target around 15 pre-clinical pharmaceutical and biotechnology companies, in which it will invest around €500,000. Of these, it will take three or four to the clinical development stage and provide further funding up to around €7m.

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