HBM Partners – on the lookout for mature firms
Zug – Life Sciences specialist HBM partners has raised €90m in the first close of its HBM BioCapital II fund, which will invest in revenue-generating companies in the pharmaceuticals, medical device and diagnostics sectors. Potential portfolio firms can be located in North America or Europe, but should have at least one product on the market. Growth-focussed funds have grown rare in Europe, according to a study by data provider Preqin. Only €1.14bn has been raised in seven funds since 2009 in Europe. HBM expects a final close of €120-€150m, with investors to include institutional outfits like the European Investment Fund (EIF) as well as individuals. The company had a positive experience with its previous healthcare fund, the HBM BioCapital I. It closed in 2005, and has yielded a 10% annual net internal rate of return so far.