Essex Woodland closes $900m healthcare fund

20 April 2009

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Fund

Essex Woodland Health Ventures has closed its eighth fund on $900m, just short of its $1bn target. The fund launched in December 2007 with a $1.25bn hard-cap and held its first close in the first quarter of 2008. The commitment period for the fund is expected to be 3-4 years. Andrew Taylor of Choate Hall & Stewart in Boston provided legal advice.

Investors

30% of the fund's investors are new, while the remainder come from the firm's existing base of limited partners, which are made up of pension funds, university endowments and family offices based mostly in the US. The fund has three European investors. CalPERS invested $125m, while the Kentucky Retirement Systems injected $50m into the fund.

Investments

The majority of the fund is dedicated to growth equity investments in the biotechnology, pharmaceutical, medical device and healthcare service sectors, but the firm will also continue to consider early-stage, traditional venture capital deals for companies with breakthrough technologies. As its predecessor, the fund will invest anywhere between $10m to $50m across the spectrum of drug, device and service companies in North America, Europe and Asia.

The fund has completed three deals to date, the latest of which was Victory Pharma Inc., a specialty pharmaceutical company focused on pain medications. The vehicle will make a total of around 20 investments.

People

A team of nine managing directors and a total of 25 investment professionals manage the fund. Essex Woodlands Health Ventures operates from offices in London, New York, Houston, and Palo Alto.

Name: Essex Woodland Health Ventures VIII

Closed on: $900m

Focus: Early-stage, growth equity, Europe, Asia

Contact: Petri Vainio

Address: Essex Woodland Health Ventures

Berkeley Square House

Berkeley Square

London W1J 6BR

Tel: +44 (0)20 7529 2500

Fax: +44 (0)20 7529 2501

Advisers: Choate Hall & Stewart LLP (Legal).