Dublin, Ireland, and NYC-based venture capital firm Fountain Healthcare Partners held the initial closing of its third fund, Fountain Healthcare Partners Fund III, L.P., at €118m.
The capital raised was sourced from major domestic and international institutional investors, including fund of funds, sovereign funds, corporate investors and family offices.
Investors include the European Investment Fund (EIF); Coolidge Limited, an investment vehicle of Mr Dermot Desmond; the Ireland Strategic Investment Fund (ISIF) and Allied Irish Bank (AIB).
Fund III is a dedicated life science venture capital fund primarily focused on specialty pharmaceuticals, biotechnology and medical devices.
It is expected to make 10 to 12 investments in predominantly private life science companies.
Led by co-founders and Managing Partners Dr Manus Rogan and Aidan King, Fountain will invest a majority of the capital in Fund III within Europe but expects to also make investments in the US market.
Founded in 2008, the firm has €294m total capital under management.