Funding opportunity
Ireland’s Minister for Enterprise Trade and Employment, Mary Coughlan, has announced the first close of the Seroba Kernel Life Sciences Fund II Limited Partnership, with €75 million of commitments. It is the seventh fund to be set up under Enterprise Ireland’s Seed and Venture Capital Scheme 2007-2012.
This is one of the largest dedicated life science venture capital firms in Ireland. The fund has management team of six, based in Dublin and London. The closing of the new fund brings the total life science funds currently under management by this team to over €200 million.
“This fund is hugely important, marking a significant increase in the availability of capital for companies in the life sciences sector”, said Coughlan. “It underpins Enterprise Ireland’s strategy in supporting the sustained growth and internationalisation of this sector.”
The new fund will be dedicated to product-focused, innovative, early and mid-stage life sciences companies, including potentially some investments in public companies, primarily in Ireland and the UK. The firm will invest in 10 to 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 of about €5 million to €7 per company over the life of the fund.
In addition to the inward investment body Enterprise Ireland, investors in the Seroba Kernel Life Sciences Fund II Limited Partnership include the National Pensions Reserve Fund.
Peter Sandys, Managing Partner of Seroba Kernel Life Sciences, said, “We are delighted to announce our first close, particularly in the current economic environment.”
“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.”
Niall Olden, Managing Partner of Kernel Capital, said, “It is important for the Irish Venture Capital industry that we created a firm of scale that has the ability to compete with the best in Europe.”
Under the 2007-2012 Seed and Venture Capital Programme, the Irish government is investing €175 million, which it hopes will leverage an estimated investment of €1 billion.
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