Press release: CapMan Life Science IV fund closes at EUR 54 million
(24 May 2007) - CapMan Life Science IV fund held its final closing
today at EUR 54 million. The fund invests in medical technology and
service companies mainly in the Nordic countries.
A total of eight institutional investors joined CapMan Life Science IV,
and of the investors two were new investors in CapMan funds. CapMan Plc’s
own commitment to the fund is EUR 10 million.
“We are pleased with the fundraising outcome and especially happy for
having been able to expand our life science investor base outside the
Nordic countries and to welcome new investors to the fund. During CapMan
Life Science IV’s fundraising period the investor appetite has mainly
been directed at buyout funds and the investors’ venture allocations
have been limited,” states Jerome Bouix, Partner and Head of
Fundraising, IR and Communications.
CapMan Life Science IV is the largest life science fund managed by
CapMan so far. Its investment focus is in medical technology and service
companies mainly in the Nordic countries. CapMan Life Science IV has
already made investments in three companies. Neoventa Medical AB is
specialised in fetal monitoring in perinatal healthcare, ProstaLund AB
manufactures devices for treatment of benign prostatic hyperplasia and
QuickCool AB develops a new method for quick cooling of the brain to
prevent brain damage. CapMan’s Life Science team has invested altogether
in 18 companies and exited from nine of them. The team participates in the
development of portfolio companies for example through Board work.
”The new fund has started investment operations very actively and the
number of potential investment targets within the fund’s investment
focus has remained at a good level both in terms of quantity and quality.
Our team sees over 80% of the Nordic investment opportunities within the
fund’s focus and a significant number of potential deals coming from the
rest of Europe. In the next few years the fund will make investments in
six to eight new companies,” says Jan Lundahl, Senior Partner and Head
of CapMan Life Science.
The management fee of CapMan Life Science IV fund is in accordance with
common practice in the industry. In connection with the establishment of
the fund in March 2006, the Board of Directors of CapMan Plc decided that
50% of CapMan Life Science IV’s possible carried interest will be
distributed to the members of the investment team responsible for the fund’s
investment activities during its life cycle. A new fund starts to generate
carried interest after the investors have regained their investment and an
8% preferred annual return. In venture funds this typically takes place
towards the end of the funds’ 10 year life cycle.
For further information please contact:
Jan Lundahl, Senior Partner, Head of CapMan Life Science, tel. +46 8
545 854 75 or +46 708 56 19 53
Jerome Bouix, Partner, Fundraising, IR and Communications, tel. +358 9
6155 8358 or +358 40 820 8541
|
