Sofinnova closes Sofinnova Capital IX on €333m

Sofinnova Capital IX's target was €300m, Unquote has learned. 

The vehicle represents a step up from predecessors Sofinnova Capital VII and VIII, which closed on €260m and €300m in 2012 and 2015, respectively. 

The fundraise for the ninth early-stage venture fund follows a diversification strategy effort undertaken by Sofinnova in the past few years.

The VCs funds include Sofinnova Crossover I, a fund investing in pre- and post-IPO companies; Sofinnova MD Start III, a medical device acceleration fund; Sofinnova Industrial Biotech I, a fund dedicated to industrial biotech; and Sofinnova Telethon Fund I, a fund dedicated to seed investments in gene and cell therapies based in Milan, Italy.

Sofinnova has more than €2bn under management. Over the last three years, the VC has completed nine exits, for a total enterprise value of around €4bn, according to a statement.

Triago acted as placement agent and Clifford Chance acted as legal counsel for Sofinnova Capital IX.

Investors
Backing the vehicle are endowment funds, insurance companies, pension funds and sovereign wealth funds, as well as corporates and family offices.

The majority of commitments came from LPs based in Europe, including France, Italy, Ireland, Denmark, Germany, Switzerland, the UK and Luxembourg, but also from North America. A minority of investors based in Asia also committed to the fund.

Investments
Sofinnova Capital IX will invest in the healthcare industry, more specifically in the biopharmaceutical and medical device sectors, providing tickets in the €25-30m range. 

The fund seeks to invest as a founding and lead investor in startups and corporate spinouts, and focuses on new technologies and products alongside entrepreneurs.

Around two thirds of the fund will be deployed in Europe and one third outside of Europe, primarily in North America.

A few investments have already been conducted via the fund, Unquote understands. 

People
Sofinnova Partners – Antoine Papiernik (managing partner, chair).

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