Initial Fund Close of €85 million
Dublin, Ireland and New York, USA – Fountain Healthcare Partners (“Fountain”) today announces the initial closing of its second fund, Fountain Healthcare Partners Fund II, L.P. with €85 million of committed capital.
The fund is a dedicated life science venture capital (“VC”) fund and brings Fountain’s total capital under management to €158 million. Within the life science sector, Fund II will primarily focus on specialty pharmaceuticals, biotechnology, medical devices and diagnostics.
Fountain will invest over 75% of its capital in Europe with the balance in the US market. Having exceeded its initial close target, Fountain is now seeking additional investors to close Fund II with a hard cap of €125 million.
Over 90% of the initial €85 million capital raised was sourced from major domestic and international institutional investors, predominantly fund of funds, sovereign funds, pension funds, and a strategic corporate investor.
Fund II is expected to make 10 to 15 investments and has already completed two deals:
• Chrono Therapeutics, developing a novel, digital transdermal drug delivery platform coupled with real-time behavioral support with initial focus on a next generation smoking cessation therapy; and,
• Innocoll, a Phase III clinical stage specialty pharma company developing products for the treatment of post-operative pain, diabetic foot infections and surgical adhesions.
Dr Manus Rogan, co-Founder and Managing Partner at Fountain, commented:
“Fountain’s investment strategy focuses on building a balanced portfolio of companies with complementary risk and return profiles within the life science sector. This strategy has resulted in both strong absolute and relative returns from our first fund. The performance of our first fund is reflected in both the level and quality of new and existing investor participation in Fund II. With €85 million raised we are also pleased to have exceeded our initial close target of €75 million against a widely accepted challenging fundraising backdrop in the venture capital sector.”
Aidan King, co-Founder and Managing Partner at Fountain, added:
“The life science sector has been one of the best performing sectors in the past two years with returns surpassing the major global indices and a record number of IPOs and public offerings. Strong demand for life science investments is a reflection of investor’s belief in the underlying growth dynamics of the sector and the investment return opportunities presented by innovative life science companies.”
About Fountain Healthcare Partners
Fountain Healthcare Partners is a life science venture capital fund with offices in Dublin, and New York. Founded in 2008, Fountain is Ireland’s largest dedicated life science venture capital fund with more than €155 million under management.
Fountain invests in entrepreneurs and companies with disruptive technologies or products that have a clear pharmacoeconomic benefit and a defined pathway to commercialisation, value enhancement and exit. Fountain typically leads or co-leads its investments and has sourced private and public deals from start-ups, corporate spin-outs and turnaround situations. The four principals at Fountain, Manus Rogan, Aidan King, Ena Prosser and Justin Lynch brings to investees over 70 years of collective experience in the pharmaceutical industry, corporate venture capital and VC across multiple investment and market cycles.
For more information please visit: www.fh-partners.com
Contact Information:
Manus Rogan | Managing Partner
Manus.Rogan@fh-partners.com
T: +353 1 5225111
Jonathan Neilan | FTI Consulting
jonathan.neilan@fticonsulting.com
T: +353 1 6633686, M: +353 (0) 86 231 4135
Jennifer Peters | FTI Consulting
jennifer.peters@fticonsulting.com
T: +353 1 6633684, M: +353 (0) 87 178 7021