French private equity and venture capital firm Kurma Partners has held the first close of a new life science fund, targeting to close with 150 million euros ($170.6 million) in commitments.
The new fund, Kurma Biofund III, will focus on private biotechnological companies and is backed by cornerstone investors Servier, Bpifrance, and Idinvest.
In addition, the fund will invest in a portfolio of 12 to 15 companies addressing conditions which are medical innovations.
Kurma Partners said that it closed its Kurma Biofund II which has already invested in 12 companies including Paris-based biotechnology company Step Pharma, rivals Dynacure, ImCheck and Pharvaris.