Eurazeo increases stake in VC firm Kurma Partners

The transaction is expected to complete by the end of 2021. It coincides with Kurma's launch of a third investment strategy, Growth Opportunity, to support more mature companies with late-stage clinical or early commercial-stage assets. Eurazeo said it will also be a "leading" investor in the fund.

The firm said it plans to commit nearly EUR 100m to Kurma funds. Eurazeo will also be providing operational support, together with access to its international network, to help Kurma develop internationally. Kurma will retain its management independence and its existing team.

Kurma has so far raised a series of Biofund vehicles focusing on early-stage investments. Kurma Biofund III held a first close in December 2018 and went on to reach a final close in April 2020 on EUR 160m. Servier, BPI France and Idinvest were cornerstone investors in the fund – Idinvest has since merged with Eurazeo. Kurma also launched a diagnostics-focused vehicle, Kurma Diagnostics, which closed in 2015.

The VC firm now has around EUR 500m in assets under management and has made more than 45 investments since its launch in 2009. It has a team of 13 investors managed by five partners.

The deal ties in with Eurazeo's goal of strengthening its position in the healthcare space. In late 2020, the French Insurance Federation (FFA) and Caisse des Dépôts chose Eurazeo to manage the Nov Santé fund, adding to the firm's existing exposure to the sector. Eurazeo now has 12% of its private equity assets under management invested in the healthcare sector.

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• GPs
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