DUBLIN and NEW YORK, April 29 /PRNewswire/ --
- Announces First Close of EUR75 ($117) Million
- Largest Life Science Venture Capital ("VC") Fund Launched in Ireland
- One of the Largest Emerging Manager VC Funds Raised in the Life
Science Sector Globally
- Headquartered in Dublin, Fountain Will Invest the Majority of its
Capital in Europe With a Primary Focus on Ireland
Fountain Healthcare Partners ("Fountain") today launches and announces the first close of its inaugural fund, Fountain Healthcare Partners I, with EUR75 ($117) million of committed capital.
The fund is the largest dedicated life science (specialty pharmaceuticals, biotechnology, medical devices and diagnostics) venture capital ("VC") firm based in Ireland. It is also one of the largest emerging manager VC funds raised in the life science sector globally in the past 2 years.
Fountain will invest the majority of its capital in Europe and will have a strong emphasis on the life science sector in Ireland. The first close significantly exceeded initial expectations and Fountain is now targeting approximately EUR100 million in commitments at its final close.
Over 90% of the capital invested in the fund was sourced from institutional investors of which 75% are Irish based. Institutional investors include the European Investment Fund, the National Pension Reserve Fund and Enterprise Ireland. A select number of high net worth individual investors also participated. "We have been very pleased with the level and quality of investor participation in the first close. There was clear support for our investment strategy, and we significantly exceeded our original first close target," said Dr Manus Rogan, a founding partner at Fountain.
Fountain is a bi-located fund with a main office in Dublin and a second
office in New York. "The purpose of our New York office is to maintain
on-the-ground connectivity with the US life-scien
|SOURCE Fountain Healthcare Partners|
Copyright©2008 PR Newswire.
All rights reserved