Spain-based biotech-focused investor Ysios Capital has closed its biggest fund yet on €216m amid ongoing LP interest in the sector in the wake of the Covid-19 crisis.
AltAssets revealed last summer that the venture capital house had bagged €155m for BioFund 3, and was hoping to go as high as €200m.
The firm outdid even that total thanks to backing from investors including the European Investment Fund, which doubled its initial €30m commitment to become the fund’s largest backer at 27.7%.
Ysios is tapping Fund III to invest in companies developing disruptive therapeutic products and platform technologies, backing seed, early stage and development-stage businesses “at the forefront of the future of medicine”.
About 80% of the YBF 3 investments will target Europe, with a special focus on Spain, while the remainder of the fund will target opportunities in North America.
More than 60% of the portfolio has already been constructed, Ysios said, with eight investments made in the last 12 months by blue-chip European and US investors.
Deals done through the fund to date including backing Ona Therapeutics’ €30m Series A, Adcendo’s €51m Series A and Lava Therapeutics’ €70m Series C.
Ysios’ key liquidity events over the last few years include the sale of Tigenix (formerly Cellerix) to Takeda in a €450m deal, the investment and purchase option of Pfizer into Vivet for up to €540m and the sale of Biovex to Amgen for up to $1bn.
European Investment Fund chief exec Alain Godard said, “The science, technology and innovation sectors have been pivotal in helping to address the immediate health challenges of the COVID-19 crisis.
“I am delighted to see that thanks to the European Guarantee Fund and the Sustainable Development Umbrella Fund we could increase our participation in YBF 3, backing the investment needs and growth of innovative life science companies that develop disruptive therapeutic products.”
Ysios, which was founded in 2008, now has €400m in assets under management through its three funds.
The firm hit a €126.4m final close for its sophomore fund in 2016, with appetite from family offices and pension helping the fund exceed its €100m target.
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Source: https://www.altassets.net/private-equity-news/by-pe-sector/venturegrowth/wave-of-lp-biotech-interest-helps-ysios-capital-to-biggest-ever-fund-close.html
