Sofinnova Ventures Closes SVP VI With $220 Million
With SVP VI, Sofinnova Ventures Will Continue Its Successful Long-time
Strategy of Investing in a Diversified Collection of High Growth Early-Stage
SAN FRANCISCO, Nov. 3 /PRNewswire/ -- Sofinnova Ventures, a San Francisco venture firm investing in early-stage life science and information technology companies, carried out its final close on Sofinnova Venture Partners VI with $220 million in commitments. The fund was raised while the investment team completed investment of SVP V, a $210 million fund closed in 2000. Sofinnova Ventures has generated top-quartile returns for its investors over the past decade. SVP VI will be managed with an investment strategy similar to prior funds, with a focus on early-stage companies in the life science and information technology sectors. The fund will invest in approximately 20-25 companies, with 50% allocated to life science companies and 50% allocated to information technology companies. SVP VI will be invested largely in the United States, although approximately 10% of the fund may be directed toward companies in Europe. "Our commitment to Sofinnova Ventures was based on their unique combination of domain knowledge, industry networks and professional reputation," commented Jeff Ennis of Wilshire Associates. "Their Northern California location, European legacy and appropriate fund size allows them to look broadly for investment opportunities while maintaining a valuation discipline." "We are very impressed with the teamwork demonstrated by Sofinnova Ventures, whether they are working with limited partners, entrepreneurs or co-investors," said Guido Van Drunen of Dow Employees' Pension Plan. "We see their collaborative approach, coupled with deep industry expertise, as the right formula for success." Returning limited partners include AGF, AXA, Financiere Natexis, Glenmede Trust, Swiss Life, VenCap International, and Venture Capital Management. New LPs include ATAPCO, CalSTRS, Credit Suisse Germany, Dow Employees' Pension Plan, NIF, Scottish Widows, Temasek and Wilshire. Thirty-seven percent of the total fund comes from U.S.-based investors, with 50% coming from Europe and 13% coming from Asia and the rest of the world. SVP VI continues Sofinnova's U.S. fund raising momentum. This fund not only enjoyed U.S. support at over four times the rate of Sofinnova's U.S. fund raising in 1998, but the firm also won significant U.S. endowment and pension fund support for the first time. "Due to the difficult economic environment, we made the decision to fund raise while continuing to invest our SVP V portfolio," commented Sofinnova Ventures Managing Director Alain Azan. "The team did a great job of balancing the fund raising and investing, and has now identified the initial compelling startups for SVP VI." The managing directors of SVP VI are Alain Azan, Eric Buatois, Jim Healy, MD, PhD, and Mike Powell, PhD. About Sofinnova Ventures San Francisco-based Sofinnova Ventures was founded in 1974. The firm emphasizes a diversified investment strategy through financing seed and early-stage companies in the life science and information technology sectors. The firm's mission is to create value by providing entrepreneurs with the collective resources, experience and network necessary to build early-stage companies into profitable businesses. Historically, Sofinnova has been associated with leading companies such as: Biogen, Collagen, Genentech, Printronix, Tandon and Tandem Computers. More recently, Sofinnova invested in Actelion, Aviron, Element 14, InterMune, Millennium Pharmaceuticals, Phone.com, Premisys, and Tumbleweed Communications. Sofinnova Ventures currently has four managing directors and three venture partners, with over $560 million under management. For more information, visit www.sofinnova.com.
SOURCE Sofinnova Ventures
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