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
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