Endeavour establishes largest medtech fund in Europe at EUR 250m
Endeavour Medtech Growth (EMG) Fund final close at EUR 250m (USD 275m)
EMG is the largest fund in Europe dedicated to medtech
Fund oversubscribed – significantly exceeds EUR 150m target
Fund to allocate between EUR 10m and EUR 20m per investment
St Peter Port, Guernsey – 22 March 2016 – Endeavour Vision today announced that the Endeavour Medtech Growth LP (EMG) fund has held its final close at EUR 250m (USD 275m) in committed capital. Largely oversubscribed, the fund reached its hard cap and closed well above its EUR 150m target due to considerable interest from new institutional investors. At EUR 250m, EMG is the largest fund dedicated to medtech in Europe and one of the largest pure medtech funds worldwide.
EMG is targeting high potential European and US companies in the medical device and digital health sectors, which have innovative solutions that have already gained regulatory approval and are starting to generate commercial traction. The Fund will support the worldwide development of companies changing the standard of care in various therapeutic indications, with a typical allocation between EUR 10m and EUR 20m per investment.
The medtech market was estimated at USD 369b worldwide in 2015 and it is evolving at a rapid pace, creating new opportunities for investors. The world’s population is aging, requiring more and safer treatments. At the same time, the healthcare systems have limited financial resources and thus require less expensive treatments and increased prevention. Innovative medtech companies are using new technologies to address these challenges and provide new ways to treat diseases and improve the standard of care.
Bernard Vogel, Managing Partner of Endeavour Vision Ltd, advisor to the Fund, said: “The medtech sector is evolving rapidly and presents very clear opportunities as we see life sciences and information technology converging in an incredible fashion. This successful fund raising is a strong endorsement of the team’s solid track record and capabilities, as well as its strategy.”
EMG has already closed four investments: Gynesonics, a company developing and commercialising an innovative and minimally invasive treatment for uterine fibroids, and ReShape Medical, a company which has developed an FDA-approved intra-gastric balloon for minimally invasive weight loss. The two additional transactions will be announced in the coming weeks.
An advisor to the Fund, Damien Tappy, President and Managing Partner of Endeavour Vision Ltd, commented “Endeavour features a unique team with unrivalled experience globally, which brings tremendous added value to innovative medtech companies. The fund is targeting highly differentiated innovations that have the potential to drastically change the standard of care for millions of patients, with a commitment to help those technologies become the most successful high-growth companies in the world.”
Sven Lingjaerde, Managing Partner of Endeavour Vision Ltd, added “With the combination of recent major advances in both healthcare and digital technology information, medicine will experience unprecedented changes that will revolutionize the current healthcare paradigm. Thanks to our long and successful experience in technology and life sciences, we are uniquely positioned to select the right opportunities in this fast growing environment.”