SHS III reaches first closing on EUR40m

01 May 2008

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Fund

SHS Gesellschaft fur Beteiligungsmanagement has achieved a first closing of SHS III on EUR40m. Following this, SHS expects to close its SHS III fund with a volume of EUR70m by the end of 2008. The SHS team contributed with a 5% subscription to the fund volume by first closing. The Tubingen-based fund's lifespan is 10 years, with two years expansion possible. The mimimum subscription is EUR500,000 and the hard cap is set at EUR80m. The terms and conditions are described as industry standard. 20% of the fund is held as a reserve for follow-on rounds.

P+P Pollath + Partners provided legal advice.

Investors

Investors are exclusively from Europe, with the majority located in Germany. Numbered among the investors are the European Investment Fund (EIF), through which the SHS fund has received support from the European Recovery Programme (ERP)-EIF Dachfonds and the Competitiveness and Innovation Framework Programme (CIP) set up by the European Union, the Kreditanstalt fur Wiederaufbau (KfW), a pension fund, funds-of-funds as well as various entrepreneurs and family offices. EIF and KfW act as cornerstone investors.

Investments

In common with its predecessor funds, SHS III will invest an average of EUR3m in attractive undertakings with marketable products in the field of life sciences and healthcare, especially in fields that offer rapid and substantial growth opportunities for young companies. This will particularly include medical technology and supplies, diagnostics and platform and production technologies. The fund plans to conclude two to three investments per year, and might co-invest.

The new fund is already engaged in discussions with the first potential candidates in its target sectors. The fund will invest in Germany, Austria and Switzerland in early stage companies.

The SHS team will not only contribute capital but also management expertise and capacity to its portfolio companies in order to underpin development and expansion.

People

Hubertus Leonhardt and Bernhard Schirmers were in charge of fundraising for SHS III.

Name: SHS III

Target: 70m

Focus: Life sciences, healthcare, later stage venture capital, Germany, Austria, Switzerland

Contact: SHS Gesellschaft fur Beteiligungsmanagement mbH

Address: Bismarckstrasse 12, 72072 Tubingen

Tel: + 49 (0) 7071 9169-100

Fax: + 49 (0) 7071 9169-190

P+P Pollath + Partners (Legal).