PRINT THIS PAGE French venture firm Sofinnova Partners closes fifth fund at €385m07/02/2005. Source: AltAssets. 
 Paris-based venture capital firm Sofinnova Partners has closed its fifth fund, Sofinnova Capital V, with commitments worth €385m. The fund was launched in September 2004 with a €350m target and a self-imposed cap of ten per cent above the targeted fund size.
Jean-Bernard Schmidt, a managing partner and chairman, said, 'The rapid pace at which we have raised our fifth fund is a good indication of investors' confidence in our strategy, as well as a positive sign for the European venture capital industry. We believe that European technology and European venture capital have a bright future going forward.'
Investors include AlpInvest Partners, BP Pension Fund, CDC Entreprise, European Investment Fund, CPR PE, HarbourVest Partners, JPMorgan Fleming Asset Management, LGT Capital Partners, Partners Group and The Wellcome Trust.
The European venture sector has suffered a sharp fall in fundraising over the past three years, chiefly because of the loss of institutional confidence that followed the bursting of the global technology bubble. There are signs, however, that the situation may be gently improving.
Sofinnova joins other well-established European venture firms TVM and Wellington Partners in having a fund closing in recent weeks. The improvement in the exit environment, a broader recovery in institutional optimism, and a strong lead from US venture fundraising are all contributory factors in the warming of the fundraising environment.
The fund will continue to build on the successful strategy of Sofinnova's predecessor funds. Sofinnova pays special attention to projects originating in university labs or research centres, and to spin-offs from major corporations.
Sofinnova Partners, founded in 1972, has €900m under management. The firm invests in start-ups and early-stage companies in the IT and the life science sectors in France and other European countries. Sofinnova Capital IV closed at €330m in March 2001.
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