TVM Capital closes LSI II on $478m

TVM LSI II is the largest vehicle raised by the GP since its inception. The fund is the firm's eighth vehicle, though it is its second vehicle in its exclusively life-sciences-focused strategy, which began in 2012.

The fund was launched in December 2018. OCP Capital provided advice on the fundraise.

TVM held a final close for its predecessor vehicle in October 2014 on $201.6m.

TVM also announced the promotion of Stefan Fischer to managing partner and Sascha Berger to partner. The fund is headquartered in Munich, with an additional office in Quebec.

Investors
The vehicle's investors include pension funs, endowments, funds-of-funds and US-based banks, as well as family offices from the US, Europe and South Korea. The fund is also backed by strategic investors including US-headquartered pharmaceutical company Eli Lilly, which also committed to TVM's previous vehicle.

According to Unquote Data, LPs in TVM LSI I included the Business Development Bank of Canada, Minnesota Life Insurance Company, CD Venture, Fondaction and Bukwang Pharma.

Investments
The fund will focus on both early-stage and later-stage investments in North America and Europe. Around 50-60% of the fund will target project-focused companies that have been established for the development of early-stage drug candidates; TVM will acquire majority stakes in these companies. The fund intends to invest in 16 such companies, committing up to $20m per platform investment.

The remainder of the fund's capital will be invested in later-stage companies, as well as commercial-stage medical device and diagnostics businesses. The GP generally deploys $10-25m per later-stage company.

TVM's recent investments include nanotechnology developer Leon Nanodrugs; the GP took part in a funding round for the Germany-based company in April 2020.

People
TVM Capital Life Science – Luc Marengere, Stefan Fischer, Hubert Birner (managing partners).

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