LSP passes target with €150m close

Life Science Partners has increased its assets under management to $500m following a final close of its third venture capital fund, LSP III, at €150m.

Life Science Partners, an Amsterdam-based venture capital firm, has held a final close on its third fund with €150 million ($191 million) of commitments.
 
LSP III, which held a first close on €65 million last June, had an original target of €120 million.
 
Previous investors in LSP funds including the European Investment Fund (EIF), Residex and DSM joined new limited partners in its third fund Credit Suisse, Swiss Re Private Equity Holding, Proventure, SR1, Foreign and Colonial, Finnish Industry Investment and VGL Investment Partners.
 
Triago, Matrix Private Funds and Talamore Group acted as placement agent .
 
LSP III will invest in up to 20 European companies in the life sciences sector, with a focus on therapeutics, and has made seven investments to date: Octoplus and Peakadilly in the Benelux region; Jerini, which floated on the Frankfurt Stock Exchange last October, IDEA, U3 Pharma and Eyesense in the German-speaking countries; and Zealand Pharma in Denmark.
 
LSP now has $500 million (€393 million) under management, including a $100 million mandate from Syngenta, a Swiss agro-chemical business, to invest in crop biotechnology, biomaterials, biofuels, nutrition, wellness and animal health. LSP BioVentures was launched in April of this year with a target hard cap of $125 million.