EdRip holds final close on €345m for BioDiscovery5

EdRip partner Naveed Siddiqi confirmed the hard-cap for the fund was set at €250m, but, given the strong interest from LPs, the hard-cap was eventually lifted.

Fundraising for the fund started in the third quarter of 2016 and a first close for the fund took place in January 2017, though the latter was not formally announced at the time.

EdRip did not disclose the terms of the fund but it is understood they are in line with the 2-8-20 standard.

The fifth fund is considerably larger than its predecessor BioDiscovery4, which, according to Unquote Data, closed on €192m in 2013. The only sector-specific funds raised by EdRip have so far been dedicated to life sciences. The GP has built a track record in the sector, having kicked off its first BioDiscovery fund in 2000.

Investors                                             
The LP base saw commitments from pension funds, insurance companies and funds-of-funds, including existing EdRip LPs, some of which committed larger tickets compared to the previous BioDiscovery fund.

LPs are generally Europe-based; however, it was confirmed that for the first time Asian LPs have committed to a BioDiscovery fund.  

Investments
The fund will make investments of €10-20m in companies in early- to late-stage growth phases, the minimum enterprise value of backed companies being around €5m. BioDiscovery 5 will invest around two thirds of its capital in biotechnology companies and the remainder in medical technology. Businesses backed will be located across Europe and the US.

People
Edmond de Rothschild Investment Partners – Naveed Siddiqi, Gilles Nobecourt, Olivier Litzka, Raphael Wisniewski (partners). 

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