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Industry Snippets: LSP closes largest ever European life sciences fund at $600 million
LSP closes largest ever European life sciences fund at $600 million
Amsterdam, Munich, Boston, 10 March 2020
LSP, the leading life sciences investor in Europe, is pleased to announce that it has held its final close of LSP 6 at the $600 million hard cap. This is the largest fund ever raised in Europe focused on life sciences ventures. LSP currently has $1.1 billion of capital to invest across LSP 6, the LSP Health Economics Fund and LSP’s public fund and mandates.
LSP 6 will, like its predecessor funds, invest in 15-18, predominantly European private companies developing new medications or medical technologies, who turn cutting-edge scientific innovations into real-world healthcare solutions.
Due to strong investor demand LSP was able to raise $600 million, significantly more than the fund’s $450 million target. The success of the fundraise was mainly driven by LSP’s outstanding 32-year track record. In addition, investors recognized the potential of the large and fast-growing market opportunity in Europe for life sciences companies.
LSP is ideally positioned to capitalize on this growth given its leading role in building European companies. The firm has built over 120 companies, many of which have brought breakthrough new medications or technologies to patients in large indications such as oncology, cardiology or diabetes, but also in rare diseases. LSP’s active portfolio companies are engaged in more than 100 clinical trials, comparable to the pipeline of the largest global pharmaceutical companies.
LSP 6 attracted capital from a diverse investor base including pension funds, insurance companies, wealth managers, government funds* and family offices. Most notably, LSP has commitments from Bristol Myers Squibb and Otsuka Pharmaceutical, validating LSP’s pivotal market position.
‘’We thank our loyal investors for their continued trust in LSP. Our track record, our long standing in the industry, as well as our stable and experienced team of 30 professionals have helped us raise this significant amount. The number of high-quality life sciences innovations in Europe is similar to the United States but there is 5x less capital available to back these innovators and entrepreneurs. With our new fund we can significantly contribute to the growth of our industry and ensure that European innovations get to patients faster’’ says René Kuijten, Managing Partner of LSP.
LSP’s management has raised $2.5 billion since it started to invest in the life sciences in 1988. The group has offices in Amsterdam, Munich and Boston. Alongside LSP 6, the firm is investing from its $300 million Health Economics Fund and its $200 million public fund and mandates. Among LSP’s signature deals are argenx, Crucell, KuDOS, Movetis, Neuravi, Okairos, Prosensa, Qiagen and Zealand Pharma. In addition, LSP is an active contributor to the life sciences industry through roles as founder and board member of the Oncode Institute, board member of both the German and Dutch private equity and venture capital associations, initiator of the Dutch Venture Initiative (DVI), as well as board member or advisor to a number of European technology transfer institutes and government bodies such as Health~Holland.
Campbell Lutyens acted as global placement advisor for LSP 6.