VC firm Sofinnova Partners launched a €275m ($340m) fund yesterday with commitments from insurance provider CNP Assurances and an undisclosed China-based biopharmaceutical company.
Limited partners also include French state-owned investment bank BPIFrance, which put in cash directly and through the Investment for the Future program, and Danish government-owned investment vehicle, the Danish Growth Fund.
The Crossover Fund I’s investors also feature family offices, such as Fidim and KCK, and other unnamed entities.
Sofinnova had originally targeted a €250m close for the fund, which will focus on the biopharmaceutical and medical device sectors. It will seek to invest in approximately 15 late-stage private and public companies, with 80% of capital going to Europe-based businesses.
The remaining 20% of investments will be made outside of Europe, with a particular focus on North America.
Jacques Theurillat, partner in the crossover team at Sofinnova Partners, said: “The European healthcare market has matured with hundreds of late stage private and public companies looking for growth capital, and Sofinnova Partners, with its name, track record and experience, is particularly well positioned to identify the best European deals and transform them into global leaders.”
Antoine Papiernik, chairman of Sofinnova Partners, said: “With the launch of this new crossover activity, Sofinnova builds upon its unique early stage track record.
“Many of the companies we initially funded have become over the years large, billion-euro companies, and we have gained invaluable experience in helping them to the next level.
“This fund will complete our investment platform across the life-sciences value-chain, allowing us to fund companies from the seed stage to the late-stage.”