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
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
"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
"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