SVLS closes third fund on $402M

Schroder Ventures Life Sciences, which closed $2m above its original target, received commitments from 18 institutions that backed the firm for the first time.

Boston- and London-based life sciences sector Schroder Ventures Life Sciences announced today it closed its third fund on $402m.

The firm’s second fund closed on $310m in 1999, according to a press release.

The firm’s third fund attracted 18 new investors, with half of the commitments coming from North America and half coming from the UK and Europe.

The fund will focus on providing start-up, early stage, and expansion capital to life science companies in the US and Europe. The firm focuses on companies in the biotechnology, pharmaceutical, medical devices, healthcare information technology and healthcare services industries. The typical investment size for the fund will be between $5m and $20m.

“This is a strong result in a difficult fund raising environment,” James Garvey, chief executive officer and managing partner of Schroder Ventures life Sciences, said in the statement. “We set out deliberately to broaden our investor base and are delighted to welcome a significant number of new investors.”

In March, Schroder Ventures Life Sciences participated in a E30 m ($32m) Series C round of financing in German drug discovery company Cellzome, a startup that uses functional proteomics technology for target discovery, validation, and drug development.

Schroder Ventures Life Sciences was founded in 1993. The firm has 23 investment professionals in Boston, London and San Francisco. The firm also advises the International Biotechnology Trust, a publicly quoted investment trust on the London Stock Exchange with a net asset value of $70m. IBT invests in life sciences companies with an emphasis on U.S. biotechnology companies.