Sofinnova closes fifth fund

Sofinnova Partners has closed Sofinnova Capital V at €385m, making it the largest European venture fund launched since the bubble burst.

The fund was launched in September 2004 with a target size of €350m and a cap of 10%. Investors in the fund include AlpInvest Partners, BP Pension Fund, CDC Entreprise, European Investment Fund, CPR PE (Crédit Agricole Group), HarbourVest Partners LLC, a government fund from Asia, JPMorgan Fleming Asset Management, LGT Capital Partners, Partners Group and The Wellcome Trust.

Like its predecessor funds, Sofinnova Capital V will invest in start-up and early stage investing in life sciences and information technology, primarily in France but also in other European countries.

Sofinnova is the second European venture firm to successfully raise a large fund within the last six months. Benchmark Capital raised approximately €300m in September 2004.

MVision Private Equity acted as global adviser and placement agent for Sofinnova Partners. The law firm SGDM (Paris) acted as legal and tax counsel for Sofinnova Partners.

Sofinnova Capital V is the successor fund to Sofinnova Capital IV, which closed at

€330m in March 2001.