Serving as a useful reminder to the more pessimistic in the private equity community that life science investing can still attract significant investor support, Munich-based Global Life Science Ventures has announced the final closing of its second fund at E143m.
Although a placement agent commented that the fund raising took longer than planned he also said it was still an affirmation that there was significant appetite for the life science sector amongst German venture investors. 'In these tough times they've done well,' he said, ' though they had probably unofficially hoped to hit a higher total for this fund.'
Global Life Science Ventures was set up in 1996 and closed its first fund at DM130m with private investors being joined by a FoF as well as Hypovereinsbank, ING Barings and C-BioNet which manages the investment activities of the Engelhorn family after the sale of their holding company Corange, which owned Boehringer Mannheim and DuPuy. German public sector agency KfW was also an investor in this first fund.
As well as Global Life Science Ventures, there are several other heavyweight German venture firms with life science funds including TVM Techno Venture Management and Polytechnos Venture Partners.