Auriga?s second fund underway

Auriga Partners, the French VC, has announced the first closing of its second fund, Auriga Ventures II. The fund has raised euro51 million so far, mainly from Auriga’s previous limited partners. Investors include AXA, CDP Sofinov (Caisse de Dépôt et Placement du Québec), Chevrillon Associés, CPR (Crédit Agricole Group), the European Investment Fund, Mitsui, Laboratoires Servier and the management team.

The fund was launched in the second quarter of this year and hopes to close at euro150 million in the first quarter of next year. The first Auriga Ventures fund raised euro65 million three years ago, the capital was invested 50:50 in early stage life science and IT companies. The new fund will have a similar investment profile, with 80 per cent invested in Europe and 20 per cent in the rest of the world, particularly North America and Israel.

Auriga Partners was created in 1998 by the management team responsible for the former Electricite de France vehicle, Finovelec, comprising Patrick Bamas, Jacques Chatain and Bernard Daugeras. The Auriga team also manages the euro14 million European Medical Ventures Fund, which was set up in 1993 and is now fully invested. The firm has recently appointed a seventh partner, Damien Salauze, who joins from a large pharmaceuticals company and will strengthen the fund’s life science practice.