Sofinnova Ventures Closes SVP VII With $375 Million

Nov 14, 2006, 00:00 ET from Sofinnova Ventures

    SAN FRANCISCO, Nov. 14 /PRNewswire/ -- Sofinnova Ventures, a San
 Francisco venture firm investing in early-stage life science and
 information technology companies, closed on Sofinnova Venture Partners VII
 with $375 million in commitments. The fund's target was $300 million.
     Sofinnova Ventures will allocate two-thirds of the fund for investments
 in pharmaceutical products, and approximately one-third for IT sector
 investments focused on the wireless value chain. Approximately twenty-five
 companies will be funded, 90% of which will be in the United States with up
 to 10% in Europe.
     "We have committed to Sofinnova Ventures once again because of their
 balanced approach to investing," commented Real Desrochers, Director,
 CalSTRS Alternative Investments. "They invest in both the life sciences and
 IT industries, are geographically agnostic, and invest in corporate
 spin-outs in addition to start-ups. They're a diverse partnership with an
 empowering knowledge base."
     "We are impressed by the collaborative approach demonstrated by
 Sofinnova Ventures," said Andrew Deitch of Pennsylvania State Employees'
 Retirement Systems. "They team up with blue-chip co-investors to support
 their companies, and they share insight into clinical or technical
 developments in addition to strategic deal structuring. We believe this
 team approach equates to success for all involved." "We are grateful and,
 frankly, surprised to have raised this fund so quickly," commented Mike
 Powell, a Sofinnova general partner. "We look forward to investing this
 fund with dedicated and dynamic entrepreneurs like those we have been so
 fortunate to work with in the past."
     SVP VII has a balanced investor base with two-thirds of the fund's
 investors based in the United States and one-third in Europe, as well as
 significant participation received by endowments, fund of funds and
 retirement systems.
     Returning limited partners to SVP VII include Commonfund Capital,
 CalSTRS, AXA Private Equity, VenCap International, Dow Employees' Pension
 Plan, Wilshire Associates, Credit Suisse (Germany) and Unigestion. New LPs
 include the Oregon Public Employees Retirement Fund, Pennsylvania State
 Employees Retirement Systems, University of Texas Investment Management
 Co., Liberty Mutual Investment Advisors, Adveq, Caisse des Depots et
 Consignations Paris, the San Francisco City & County Employees' Retirement
 System and the Searle Charitable Trusts.
     The general partners of SVP VII are Alain Azan, Eric Buatois, Nicola
 Campbell, Ph.D., Jim Healy, M.D., Ph.D, and Mike Powell, Ph.D.
     About Sofinnova Ventures
     Founded in 1974, Sofinnova Ventures is a venture capital firm
 emphasizing a diversified investment strategy through the financing of
 early stage companies in the life science and information technology
 sectors. Sofinnova's mission is to create value by providing entrepreneurs
 with the resources, experience and networks necessary to turn their bright
 ideas into thriving businesses. For more information, visit .

SOURCE Sofinnova Ventures