TVM Capital Life Science has closed TVM Life Science Innovation II with total committed capital of US $478 million.
Led by Eli Lilly and Company, limited partners (LPs) include other strategic investors, pension funds, endowments, foundations, fund-of-funds, wealth managers and large US banks as well as multi and single family offices from the Americas, Europe and South Korea.
OCP Capital, LLC and Morgan Stanley acted as placement agents for the fund.
The geographical focus for the Fund’s investment activity is on North-America and Europe.
TVM Life Science Innovation II, formerly known as TVM Life Science Ventures VIII, is substantially oversubscribed. The fund has already exited its first investment in February 2020.
TVM Life Science Innovation II Canada, L.P., the Canadian parallel fund to Luxembourg registered TVM Life Science Innovation II SCSp, is likely capitalized at US $109 million.
TVM Capital Life Science did not disclose the Canadian fund LPs. Teralys Capital and BDC Capital were two largest LPs behind Eli Lilly in TVM Life Science Innovation I, LP.
With offices in Munich, Germany and Montreal, TVM Capital Life Science provides venture capital to international biopharmaceutical, medical technology, and diagnostic companies in North America and the EU. TVM follows a two-pronged strategy with a focus on early and late stage investments.
photo credit: TVM Capital Life Science
TVM Capital Life Science Announces Substantially Oversubscribed US$478 Million Final Closing of TVM Life Science Innovation II, largest fund in the firm’s history
– The Fund continues the proven “Project Focused Company” investment strategy for early-stage drug development candidates
– In addition, the Fund continues to invest in late-stage clinical biopharmaceutical companies, medical device companies and diagnostic companies
MUNICH and MONTREAL, Oct. 27, 2020 /CNW/ — TVM Capital Life Science, one of the leading life sciences venture capital firms in North America and Europe, today announced the final closing of its latest fund, TVM Life Science Innovation II (TVM LSI II). Committed capital totals US$478 million which was raised from high profile international investors, including Eli Lilly and Company, other strategic investors, pension funds, endowments, foundations, fund-of-funds, wealth managers and large US banks as well as multi and single family offices from the Americas, Europe and South Korea. The geographical focus for the Fund’s investment activity is on North-America and Europe.
TVM LSI II was substantially oversubscribed. The Fund already sold its first investment in February 2020.
TVM LSI II will maintain TVM’s focus on investing in assets that provide a visible and attractive exit strategy from the outset with the goal of maximizing returns and providing early and significant liquidity for its investors. About 50-60% of the Fund’s capital is intended to be invested in “Project Focused Companies” (“PFCs”) which are majority-owned by the Fund and set up for the development of early-stage drug candidates in a capital and time efficient manner. The remaining capital will be invested in late clinical stage biopharmaceutical companies as well as commercial stage medical device and diagnostic companies. The proven focus of TVM LSI II continues on building a portfolio of differentiated first-in-class and best-in-class assets that are diversified by indication and stage of development.
Dr. Luc Marengere, Managing Partner of TVM Capital Life Science commented: “We are thrilled by the strong support of existing and new investors in TVM LSI II. TVM LSI II is the largest fund raised by TVM since inception. In addition, we are grateful for the pivotal role in raising TVM LSI II in the Americas and Europe by New York based OCP and Founder Joelle Wyser-Pratte.”
Stefan Fischer, Managing Partner (Finance) stated: “We are confident that TVM LSI II will not only continue the TVM success story for our investors but will also enable the financing of the development of new and differentiated treatment options for patients with significant unmet medical needs.”
“The success of this fundraising effort is a strong validation of the innovative, capital-efficient investment strategy that we have implemented in 2012 together with Eli Lilly and Company. TVM LSI II intends to make investments in about 16 early-stage single asset PFCs and 10 late-stage companies with a focus on North America and Europe,” wrote Dr. Hubert Birner, Managing Partner of TVM Capital Life Science based in Munich.
With the closing of TVM LSI II, Stefan Fischer was promoted to Managing Partner (Finance) and Dr. Sascha Berger was promoted to Partner.
In the past few months, the TVM investment team was complemented with the addition of Alexandra MacLean, MD and Alain Thibault, MD as Principals and, Dr. Valentina Agostina, Catello Somma and Philipp Lechner as Associates.
About TVM Capital Life Science
TVM Capital Life Science provides venture capital to international biopharmaceutical, medical technology, and diagnostic companies in North America and the EU. TVM follows a two-pronged strategy with a focus on early and late stage investments.
TVM Capital Life Science: Stefan Fischer, Managing Partner (Finance), TVM Capital Life Science, email@example.com, +49 89 998 992 36
OCP Capital: Joelle Wyser-Pratte, Founder, firstname.lastname@example.org, +1 914 441 3554
TVM Life Science Innovation II (GP) S. à r.l.
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TVM Life Science Management Inc.
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TVM Life Science Management GmbH
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SOURCE TVM Capital Life Science