Sofinnova closes $375m fund

The San Francisco-based firm has raised its seventh fund, which will be used for pharmaceutical and IT investments in the US and in Europe.

Sofinnova Ventures, a venture firm based in San Francisco, has closed Sofinnova Venture Partners VII, a $375-million (€292 million) fund  that surpassed its target of $300 million, the firm said in a statement.

Sofinnova will use two-thirds of the fund for pharmaceutical products and the remaining third for IT investments, the statement said. Approximately 90 percent of the 25 companies to be funded will be based in the US and the remaining 10 percent will be in Europe.

The fund’s returning limited partners include Commonfund Capital, CalSTRS, AXA Private Equity, VenCap International, Dow Employees’ Pension Plan, Wilshire Associates, Credit Suisse (Germany) and Unigestion. Its new limited partners include the Oregon  Public Employees’ Retirement Fund, Pennsylvania State Employees’ Retirement Systems, University of Texas Investment Management Co., Liberty Mutual Investment Advisors, Advez, Caisse des Depots et Consignations Paris, the San Francisco City & County Employees’ Retirement System and the Searle Charitable Trusts.

Sofinnova closed its sixth fund on $250 million in March of 2004.

Founded in Paris in 1972, Sofinnova became the first European venture capital firm to launch a US operation in 1974. In 1997, the firm split into two independent management teams, with Sofinnova Partners in Paris and Sofinnova Ventures in San Francisco. The two firms share deal flow, expertise and information.