SV Life Sciences said Tuesday that it has closed its fifth international life sciences fund, SV Life Sciences Fund V, with total commitments of more than $523 million. It’s target had been $400 million. SV Life Sciences, a venture capital group focused on life sciences sector, has over $2 billion in funds under management.
June 29, 2010 – Boston, San Francisco and London: SV Life Sciences (SVLS) today announced the final closing of its newest fund – SV Life Sciences Fund V (SVLSF V). The fund closed with total commitments of over $523 million, well exceeding its target of $400 million. SVLSF V, SVLS’ fifth international life sciences fund, brings the firm’s total funds under management to over $2.0 billion, making SVLS one of the largest venture capital investment groups dedicated to the life sciences sector.
The diversified investment strategy of SVLSF V remains consistent with that of earlier funds. SVLSF V will be focused on providing start-up, early stage and expansion capital to life sciences companies in the United States and Europe. SVLSF V will invest across a range of life sciences sectors, including biotechnology and pharmaceuticals, medical devices, healthcare services and healthcare information technology (HIT). Anticipated investment size will typically be between $5 million and $35 million.
James Garvey, Chairman and Managing Partner of SV Life Sciences in Boston, commented: “We experienced considerable success in fundraising despite a challenging economic climate, especially for venture capital firms, which have endured a difficult period for raising capital. We were convinced that the strength and proven track record of our team would enable us to pursue a fund in this environment. Investors were attracted by SVLS’ diversified strategy and consistent record of success, with the firm realizing sales of portfolio investments across all three sectors in 2009. We are encouraged to have raised a similar size of fund to SVLSF IV which enjoyed considerably more favorable economic conditions in 2007.”
Kate Bingham, Managing Partner of SV Life Sciences in London, said: “One goal in raising SVLSF V was to first retain existing relationships but also use the opportunity to further diversify our investor base. Investors responded well to our broad strategy and history of active management. We have attracted 22 high quality new investors including well-known private and public pension funds, fund of funds investors, and foundations, endowments, and family offices. The support of our long-term investors provided the platform for our success in this effort and we are very grateful for their continued support.”
Consistent with prior funds, approximately 60 percent of capital commitments came from the United States and 40 percent from Europe and the rest of the world.
Managing partners of the SVLS investment team include James Garvey, Kate Bingham, Lutz Giebel, Eugene Hill, David Milne, and Michael Ross. They are supported by partners Darren Black, Graham Boulnois, David Guyer and Denise Marks as well as a strong group of venture partners. The SVLS team are a well established group of investment professionals whose complementary backgrounds and expertise span the full range of the life sciences industry and balances investing expertise with deep operating experience at both private and publicly-traded life sciences companies.
SVLS has invested in the life sciences industry since the early 1980s and has backed over 200 public and private life sciences companies globally to date from the venture funds and a listed investment trust. The existing venture funds, SV Life Sciences Funds I, II, III and IV, were closed in 1994, 1999, 2003 and 2007, respectively, with total committed capital of over $1.4 billion. SVLS also manages International Biotechnology Trust plc (Ticker: IBT), a London Stock Exchange listed investment trust with a market cap of $150 million.
SV Life Sciences has US offices in Boston and the San Francisco Bay Area, and a European office in London. For additional information on SVLS, please visit www.svlsa.com.