Peregrine sets up $300 million fund to focus on late-stage life-sciences firms
Venture capital firm has already closed $101 million in commitments from Israeli investors; new fund will invest $20 million to $30 million per round
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Peregrine Ventures, a venture capital firm, on Tuesday launched a new fund, Peregrine Growth, focused on investing in late-stage life-sciences startups.
Peregrine said it has closed $101 million of the planned $300 million fund, with the participation of Israeli institutional investors. The firm is now aiming to raise the added funds from institutional investors and family offices globally.
“Late stage life science companies present an excellent investment opportunity,” said Eyal Lifschitz, managing partner and co-founder at Peregrine Ventures, which has traditionally invested in all stages of the life-sciences sector, including medical devices, pharma and digital health firms.
Peregrine Growth will invest $20 million to $30 million per funding round, with an emphasis on companies that are on the verge of an exit, either an initial public offering of shares or a merger and acquisition deal.
Peregrine Growth is Peregrine Ventures’ fifth fund, and its first growth fund, and follows Peregrine IV, which closed in December 2019 after raising $115 million.
“With the renewed focus on biotech, health, and life science in the wake of the COVID-19 crisis, the potential of Peregrine Growth is great,” said Lifschitz. “Many industry executives are aware that insufficient funds have been invested in healthcare and pharma technologies, and therefore expect that the life science sector will experience significant growth over the next decade. Institutional investors are taking note of the trend and will be allocating a larger percentage of their investments toward life science,”
Peregrine’s portfolio companies completed exits totaling more than $2 billion to date, the venture firm said in a statement, including that of Valtech Cardio and Neovasc.
The fund has invested in numerous companies in the medtech field, including medical devices, biotech, pharma, esthetics, and digital health. These include Memic, CartiHeal and Cordio Medical, which monitors health through speech analysis and has repurposed its technology to remotely monitor and diagnose the status of COVID-19 patients based on the analysis of their speech pattern.
Peregrine was founded in 2001 by brother entrepreneurs Eyal Lifschitz and Boaz Lifschitz.
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