Sofinnova holds €275m close for Crossover Fund 1

The GP might continue to fundraise further down the line, or halt at the current figure – the hard-cap was not disclosed. Triago is acting as placement agent.

Sofinnova's new vehicle differs from the previous series of Sofinnoval Capital funds (eight in total) in terms of the growth stage of targeted companies: Crossover 1 will focus on late-stage private and public companies, rather than startups seeking seed and series-A and -B financing.

The fund is of a similar size to the previous life-sciences-focused fund raised by the VC, Sofinnova Capital VIII, which closed in December 2015 on €300m.

Last month, Sofinnova held a €90m final close for its first renewable chemistry fund, Sofinnova IB I.

Investors
Sovereign wealth funds, insurance companies, corporations and family offices backed Sofinnova's Crossover Fund 1 – 80% of them are European, with a large majority of French backers. Historical institutional investors BPI France and CNP Assurances have strongly contributed. Investors from Italy, Denmark (including the Danish State Investment fund), Ireland, and Switzerland committed as well.

Chinese and Singaporean investors have also invested in the fund, including a large Chinese biopharmaceutical company, according to the VC.

Investments
Sofinnova Crossover I will invest in the biopharmaceutical and medical device sectors. The fund will seek to invest in around 15 late-stage private and public companies, typically looking to list them within 12-18 months.

It will focus on companies with EVs of €50-150m and provide equity tickets of €15-20m, investing a maximum of €25m per company.

Around 80% of the investments will be made in European companies, with the remaining 20% outside of Europe, primarily in North America.

People
Sofinnova Partners – Antoine Papiernik (chair); Jacques Theurillat (partner).

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