Life science venture capital firm Fountain Healthcare Partners held the initial closing of its second fund, at €85m.
Fountain Healthcare Partners Fund II, L.P. is a dedicated life science venture capital vehicle and brings the firm’s total capital under management to €158m. Over 90% of the initial capital raised was sourced from major domestic and international institutional investors, predominantly fund of funds, sovereign funds, pension funds, and a strategic corporate investor.
Within the life science sector, Fund II will primarily focus on specialty pharmaceuticals, biotechnology, medical devices and diagnostics and is expected to make 10 to 15 investments.
It will invest over 75% of its capital in Europe with the balance in the US market.
Fund II and has already completed two deals:
– Chrono Therapeutics, developing a novel, digital transdermal drug delivery platform coupled with real-time behavioral support with initial focus on a next generation smoking cessation therapy; and,
– Innocoll, a Phase III clinical stage specialty pharma company developing products for the treatment of post-operative pain, diabetic foot infections and surgical adhesions.
Founded in 2008 by managing partners Dr Manus Rogan and Aidan King and with offices in Dublin, and New York, the firm is now seeking additional investors to close Fund II with a hard cap of €125 million.