SV Life Sciences closes fourth fund on $572m

SV Life Sciences has closed its fourth fund on $572m, just under the £300m fund that Abingworth closed last month but far exceeding its original target of $400m.

SV Life Sciences has closed its fourth fund on $572 million (€435.1 million, £293.4 million).

The total is well above the fund’s initial target of $400 million, but slightly less than the £300 million (€444.9 million, $584.7 million) raised by Abingworth’s Bioventures V, which closed last month.

The fund, SV Life Sciences IV, attracted 32 new investors, about 60 percent of whom came from the US.

Kate Bingham, managing partner at SV Life Sciences, said: “Part of the strategy for the SVLSF IV fundraising was to broaden and diversify the investor base to ensure a good balance of commitments in the fund. As such, we are delighted to have attracted 32 high quality new investors to add to a strong group of dedicated investors from previous funds.”

London-based Abingworth closed its eighth life sciences fund last month after just three months of fundraising.

SV Life Sciences Fund IV brings the firm’s total funds under management to $1.6 billion, making it one of the world’s biggest venture capital firms dedicated to investment in the life sciences sector. It will invest about 70 percent of its capital in the US and the other 30 percent in Europe, with a focus on start-up, early stage and expansion capital.

SV Life Sciences was created in 1993 as part of the Schroder Ventures Group, and became independent from that group in 2001. It has offices in Boston, San Francisco and London, and also manages International Biotechnology Trust, a London-listed investment trust that invests in quoted small cap companies.