The French division of Edmond de Rothschild has begun raising a €250m life science fund that will target private equity investments in European and US biotech, pharmaceutical and medical technology businesses.
According to the Financial Times, the new fund – which at nearly €100m larger than its predecessor ranks as one of Europe’s largest life science investment vehicles – seeks to reduce the number of consortium investors in each deal, increase the number of transactions as well as increasing the average size of each deal compared to its predecessor.
The fund will aim to hit its final close in November this year and will invest between €10m and €15m of equity into around 15 to 17 transactions. It stands as the firm’s fourth life science-focused fund.
In the fourth quarter of last year the firm sold its private equity fund of funds division in an effort to meet tighter global capital requirements.
The division, Edmond de Rothschild Private Equity Select, was acquired by the unit’s founder David Seligman. The firm has subsequently changed its name to Seligman Private Equity Select, and will continue to manage private equity funds of funds.
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