France-based, biotech-focused private equity firm Jeito Capital has closed its Jeito I fund, which is backed by pharmaceutical company Sanofi and insurers Axa, Aviva, Pro BTP and CNP Assurances, at $632m.
The latest batch of limited partners for the fund include pension fund Teacher Retirement System of Texas (TRS), the Singaporean government-owned Temasek and the multilateral European Investment Fund (EIF).
Jeito I, the firm’s inaugural fund, surpassed its $586m target and will invest in biotech and biopharmaceutical companies specialising in treatments for life-threatening diseases. It is mainly eyeing European deals and will invest up to $100m in each portfolio company.
Jeito Capital has already deployed capital for companies including immuno-oncology drug developer Neogene, respiratory disease treatment developer Pulmocide and fibrosis therapeutics developer Alentis Therapeutics.
The fund reached its $222m first close in January 2020 with backing from LPs including Axa, Aviva, Pro BTP and CNP Assurances, as well as Caisse des Dépôts and Fortis BNP Paribas.
Sanofi made a $59m commitment to the fund in November, marking the pharmaceutical firm’s first investment in a France-based private fund.
Rafaèle Tordjman, founder and chief executive of Jeito Capital, said “We are extremely proud to have closed Jeito I, making it the largest European fund dedicated to the life sciences sector.
“We have thus exceeded our original target and have attracted a group of leading global investors, a testament to Jeito’s unique investment model and team. I am pleased to welcome new investors including the EIF, TRS and Temasek and would like to thank our existing investors for their unwavering support.
“This important achievement will enable Jeito to fulfil its mission, to provide continuous financial support and industry expertise to talented entrepreneurs to accelerate the development of revolutionary therapies and guaranteeing patients quicker access to medical innovations.”
