Investment Businesses
Healthcare / Life Sciencess
Information for 2021 + 1Q 2022
Venture investments, both direct or via Funds of Funds, in Direct venture investments or via Fund-of–Funds (venture growth, buyout) in disruptive therapeutics, technologies ore healthcare assets that primarily respond to unmet medical needs with a high societal impact or provide access to healthcare
Investing in
healthccare since
2001
healthccare since
2001
Total healthcare
commitments
€734m
Companies per Fund
commitments
€734m
Companies per Fund
Number of funds /
co-investments
73
co-investments
73
Direct venture capital: In 2021 Alta Life Sciences Spain I FCR´s TVPI grew by 22% yoy and the fund announced its first portfolio exit:
- Vifor Pharma acquired 100% of Sanifit for 205M€ upfront plus different clinical, regulatory and sales milestones and royalties to be harvested in the future.
- The transaction closing took place in Q1 2022 allowing for a sizable first distribution to investors (20% DPI)
Direct venture fund size
€79m
€79m
Direct invested Companies
9
9
LTM TVPI change
+22%
as of 4Q2021
+22%
as of 4Q2021
Healthcare fund of funds:
- Two healthcare investment vehicles with a total capital raised of €94M
- Healthcare Opportunities I (vintage 2006-2008) is valued at a net TVPI of 1,86X. It has enjoyed 187 exits in its portfolio whereof 28 are realized above 5x
- Healthcare Opportunities II (vintage 2018-2020) is valued at a net TVPI of 1,64X. It has already enjoyed 33 exits in its portfolio, 5 of which have had a multiple higher than 4,0X
Total Commitments
€94m
€94m
Fund Generations
2
2
Strategy
- VC
- Buyout
- Real Assets
Note: Past performance is not necessarily indicative of future results since current economic conditions are not comparable to those that existed previously and may not be repeated in the future.
Relevant Market Trends
Healthcare Market Highlights
- Healthcare venture market continued its expansion in 2021 with a growing pipeline of investable opportunities.
Healthcare VC financing and deals (EU + US)
Source: Healthcare Investments & Exits Annual 2022, Silicon Valley Bank- VC Dollars (US and Europe), in $b
- Nº of deals
- New heights in 2021: New Healthcare venture funds almost doubled 2020’s record.
- All Health sectors showed record investment in 2021. Funding for healthcare companies exceeded $80 B, beating 2020’s record by more than 30% in the US and Europe.
- 42 healthtech unicorns emerged in 2021, more than 4x the activity of 2020.
- IPOs tripled and M&A doubled over 2021.
- VC fundraising will likely slow down in 2022 as most firms raised new funds in the last 12-18 2021 months. These investors will focus on investing their recently closed funds, likely at a slower pace than 2021.
- Private healthcare companies’ valuations continued enjoying recent positive momentum.
Median VC Healthcare post valuation (Global)
Source: Pitchbook- Med post valuation (M)
Healthcare themes to watch in 2022
- Public biotech market correction and its potential impact on private market dynamics
- Personalized medicine through advancements in genetics.
- Payers pushing for value-based care.
- Increased digitalized assessment, diagnosis, and treatment of patients.
