Wellington Partners holds first close on €50m

German venture capital firm Wellington Partners has held a final close of its third life science fund on €50m and expects to hold a final close by the summer on €120m.

Wellington Partners, a German venture capital firm, has held a first close of its latest life sciences fund on €50 million ($65 million), according to a statement. 

The firm expects to hold a final close on Wellington Partners Ventures III Life Science Fund by the summer on €120 million.

Commitments came from investors in Germany, Benelux, the UK, the US and the Middle East. Investors include the European Investment Fund, Bear Stearns, Credit Suisse, National Technology Enterprises Company of Kuwait, a venture capital company, as well as large family offices and private investors from Germany, a statement said.

The fund will invest in innovative therapeutics, medical technology and diagnostics.

Wellington’s previous investments in these sectors include Nimbus Biotechnology, a Leipzig-based supplier of tools for drug discovery; Inmatics, a Tuebingen-based developer of cancer treatment drugs, and Wavelight, a provider of laser systems for eye surgery, which floated in September 1999.

Two weeks ago Wellington invested in Truphone, a UK telecoms company, in an €18 million of fundraising.  Independent News Media, a media communications group, also invested.

Wellington Partners was formed in 1991 and has €500 million under management.