LBO France moves into VC with Innovation Capital purchase

LBO France has wholly acquired the firm and intends to focus on investments in the health sector.

LBO France will also take over the VC's Sisa fund, which launched in February 2014 and supports research in healthcare and autonomy solutions for the elderly, also dubbed the "silver economy".

The fund has gathered €68m of commitments so far, with BPI France as a main investor and other backers including French social protection players Klesia, Malakoff Médéric, IRCEM, OCIRP, Harmonie Mutuelle, Humanis and Réunica.

Under LBO France's direction, the fund's €100m target as well as its management team will remain unchanged. The fund invests tickets between €2-10m and aims to spread its capital over 15 businesses. This year, it invested in Biomodex, a medtech company specialised in 3D reproduction of human organs.

Founded in 1996, Innovation Capital is an international venture capital firm based in Paris with a local presence in Silicon Valley. It currently has €450m under management, primarily in Europe. Sources at LBO France stated this acquisition was the first step in the firm's new goal to invest more capital in innovation-focused opportunities.

People
LBO France – Robert Daussun (CEO).

Adviser
Equity – Mayer Brown, Xavier Jaspar, Sabina Comis (legal).
Vendor – Natixis Partners, Jean-Baptiste Marchand (corporate finance) ; Allen & Overy, Marc Castagnède, Arnaud de Rochebrune (legal).

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