Italy-based venture capital firm Panakès Partners has achieved a $180m first close for its second fund with a commitment from pharmaceutical firm Menarini.
The Purple Fund was anchored by the European Investment Fund and FoF VenturItaly, a fund-of-funds managed by VC firm CDP Venture Capital.
The vehicle is also backed by unnamed Italy-based banking foundations, pension funds, life science companies and the Cogliati, Colombo, Rovati, Petrone, Re and Bassani families.
Fabrizio Landi, president of Panakès, said: “The fund will remain open for additional subscribers until the end of the year, with a new target of €180m ($212m).”
Purple Fund will invest in Italy-based life sciences companies at series A stage and has the capacity to participate in later-stage rounds. Panakès’ first fund, which closed in 2016, was used to build a portfolio of 12 companies.
The majority of Purple Fund’s investments will be in developers of therapeutics and products in the biotechnology, diagnostics and medical device fields.