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Sofinnova Ventures Closes SVP VII With $375 Million
SAN FRANCISCO, Calif. — November 14, 2006 — 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 Réal 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 www.sofinnova.com.
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