LSP raises €75m for first close of Fund IV

GSK and Pfizer are among the venture firm's limited partners.

Life Sciences Partners has held a €75 million first close on its fourth fund, which has a target of €150 million.

The venture firm focuses on European life sciences sectors, and previously raised €150 million for its third fund, which had been targeting €120 million and closed in 2006.

Fund IV's investors include pharmaceutical companies Glaxo Smith Kline and Pfizer. Managing partner Martin Kleijwegt, said in a statement that the latest fund is being backed by new and previous investors. LPs in the firm's past funds include Helsinki based fund of funds Amanda Capital and a Credit Suisse fund of funds.

Paris-based placement agents Triago were used to secure LSP’s latest commitments.

“The European biotech space continues to offer high potential new investment and exit opportunities”, said Kleijwegt.

Kleijwegt spearheaded LSP’s previous fundraising, starting with its first fund back in 1998.

LSP’s fourth fund will remain open to new investors for some months. The LSP Group has raised more than €500 million since 1988. It invests in private companies as well as small-cap public companies across the life sciences arena, including drug development, diagnostics, medical instruments and cleantech.