The closure of the €75m Seroba Kernel Life Sciences Fund II now brings to €200m the total amount of seed finance available to invest in life sciences-based enterprises in Ireland.
This is the seventh fund supported by Government through Enterprise Ireland’s €175m Seed and Venture Capital Programme 2007-2012, and is the second fund dedicated to the life sciences sector.
The new fund will be dedicated to product-focused, innovative, early and mid-stage life sciences companies, with the possible inclusion of some investments in public companies, primarily in Ireland and the UK, that offer a significant potential investment return.
“Seed and venture capital are essential for the growth and development of successful high-potential Irish business, and I am delighted to announce the creation of the Seroba Kernel Life Sciences Fund II Limited Partnership,” said the Tánaiste and Minister for Enterprise, Trade and Employment, Mary Coughlan TD.
“This fund is hugely important, marking a significant increase in the availability of capital for companies in the life sciences sector,” she said.
“It underpins Enterprise Ireland’s strategy in supporting the sustained growth and internationalisation of this sector, and will help drive the commercialisation of new and innovative products from ambitious Irish companies.”
The fund intends to invest in 10–15 companies, focused primarily on therapeutics, medical devices and diagnostics, but will also consider other opportunities in the life sciences sector.
The fund will lead or co-lead its investments with an average investment size of about €5m to €7m per company over the life of the fund.
Investors in the Seroba Kernel Life Sciences Fund II Limited Partnership are made up of Enterprise Ireland and other institutional investors including the National Pensions Reserve Fund.
“We feel this is an excellent time to launch a new life sciences fund as there are attractive entry valuations for new investors and an ongoing robust demand for new, innovative healthcare products,” said Peter Sandys, managing partner of Seroba Kernel Life Sciences.
“With a broad base of Tier 1 institutional investors, our new fund is well-positioned to capitalise on the significant investment opportunities within the Irish and European life sciences sector,” Sandys said.
By John Kennedy