AFB holds EUR 86m first close for second fund

Chammas & Marcheteau provided legal advice.

The vehicle's predecessor, Advent France Biotechnology Seed Fund I, held a final close in April 2017 on EUR 64.75m against a target of EUR 60m, according to Unquote Data.

AFB was formed in 2016 and operates in partnership with Advent Life Sciences, a trans-Atlantic venture capital firm that backs companies in the UK, France and the US.

The GP said in a statement that the first fund supported the funding and/or creation of 15 startups, 14 of which are now financed in syndication with other VCs.

Investors
According to a statement, the European Investment Fund (EIF) and the French government's Fonds national d'amorçage 2, managed by BPI France, have backed the fund. Boehringer Ingelheim Venture Fund, Pierre Fabre and an undisclosed major Asian pharmaceutical company have also backed the fund, alongside family offices and AFB's management.

Investments
The fund will continue AFB's focus on early-stage life sciences companies, investing on a Europe-wide basis but with a focus on France, Belgium and Spain. The GP aims to support companies in the development of therapeutic innovations, connecting them with scientific founders and academic institutions.

AFB expects to make two deals from the fund before the end of 2021, according to a statement.

People
Advent France Biotechnology – Alain Huriez (managing director, chairman, managing partner).

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