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Sofinnova Ventures could raise $500m for Fund IX

14 Jul 2014

biotech virus labBiotechnology-focused Sofinnova Ventures is targeting up to $500m for a ninth fund AltAssets reported it had started to raise earlier this month.

The firm could outdo the $440m it gathered for its eighth fund through the latest fundraise according to a filing with the US securities regulator, although no commitments have been registered to date.

Sofinnova was said to be eyeing $425m for Fund IX according to a filing with the Massachusetts Pension Reserves Investment Management Board, which committed $35m.

The fund will target US and European drug development businesses.

Venture Partners VII was generating a cash multiple of 1.65 times and an IRR of 16.9 per cent 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.

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