Venture capital firm Sofinnova Ventures is reportedly seeking $425m for its new fund, data from the Massachusetts Pension Reserves Investment Management Board (MassPRIM).
The LP has approved a commitment of up to $35m to Sofinnova Venture Partners IX, which will invest in US and European drug development businesses.
Sofinnova’s previous fund, Venture Partners VIII, held a final close on $440m in 2011, five years after the firm raised $375m for its seventh fund.
Venture Partners VII was generating a cash multiple of 1.65 times and an IRR of 16.9 per cent as at the end of March this year, according to the Oregon Public Employees Retirement Fund.
Sofinnova is focused on life sciences and technology and leads 90 per cent of its investments.
Its life sciences team invests between $15m and $30m per company with an initial commitment of $5m to $15m. It also makes seed-stage investments from $100,000 to $1m.
The firm’s technology team invests in components, systems, and software companies.
In May this year Sofinnova led a $72.8m Series B round for gene therapy specialist Spark Therapeutics.
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