Innovation Capital holds first close on €40m

Ellie Pullen
27 February 2014

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Innovation Capital has held the first close for its Services Innovants Santé et Autonomie (SISA) fund, a vehicle aimed at the “silver economy”, on €40m.

The fund has a target of €100m and is believed to be aiming for a final close within the next 12 months. The vehicle is the first raised by Innovation Capital in a decade.

SISA's predecessor, FPCI Innovation III, closed on €50m in 2001. Innovation Capital's two other funds, FCPI Science & Innovation 2001 and FCPI CDC Innovation 2000, closed on €125m and €143m respectively.

All three of the firm's previous funds are currently in their divestment phases. Innovation Capital is a subsidiary of Caisse des Dépôts et Consignations (CDC).

Investors
BPI France is the fund's cornerstone investor, having committed €10m to the vehicle. A syndicate of French industry players have also subscribed to SISA, namely Malakoff Médéric, Klesia, Ircem, OCIRP, Harmonie Mutuelle, Réunica and Humanis.

Investments
The vehicle will be focusing its efforts on Europe's "silver economy" – namely SMEs that cater to the healthcare and independence of the elderly. SISA will invest in companies that operate within the technological side of the industry – such as robotics, connected objects and technology for the home – and the organisational aspect including home surveillance and maintenance, as well as health and social care.

SISA aims to make equity injections of €2-10m in 10-15 companies over its investment period, predominantly in growing companies.

The fund plans on making its first transactions during Q2 2014.

People
Chantal Parpex is the president and managing partner of Innovation's life sciences team and funds.