Copenhagen-based early-stage investor Sunstone Life Science Ventures has held a first close on €80m for its Sunstone Life Science Ventures Fund IV (Sunstone LSV IV).
The fund expects to hold a final close on its €150m target by early 2020.
Sunstone LSV IV's investment team is composed of managing partner Søren Lemonius, chair and general partner Peter Benson, and general partners Sten Verland and Claus Andersson.
The fund will follow the same investment strategy as its predecessor, Sunstone Life Science Venture Fund III, investing in new therapeutics with the potential to improve the quality of patient care and treatment.
Sunstone Life Science Venture Fund III made 11 investments in the same field and claimed top-quartile performance. Recent exits from the vehicle include Rigontec, acquired by MSD in 2017, and Prexton, bought by H. Lundbeck in 2018.
Several of the major investors in the previous Sunstone funds committed to Sunstone LSV IV. The fund's LP base includes the European Investment Fund (EIF), Danish Growth Capital II, Vækstfonden, and the general partners of the firm.
The fund targets companies operating in the science and technology sectors, focusing on innovative products addressing unmet medical needs within the framework of an attractive business case. The geographical scope is Europe, with particular emphasis on the large life sciences hubs. The new fund will start to invest immediately.
Sunstone Life Science Venture - Søren Lemonius (managing partner).
Fund, which has already been invested in at least one transaction, has a €1bn target
Pechel, via Pechel IV, and the co-investment team of Omnes back the French IT services firm
Connection Capital provided £6.7m to support the buyout of the business in 2017
Temasek previously led a £7m investment for the technology developer in 2016