Key Takeaways
- • Kurma Partners closed Biofund IV at €215 million ($252 million), representing a 35% increase over its predecessor Biofund III (€160 million) and marking the firm's largest biotech fund to date.
- • The fund fell short of its original €250 million target set at launch in October 2024, reflecting disciplined capital allocation in the European biotech market and selective LP funding patterns post-2022 correction.
- • Biofund IV will deploy capital across approximately 20 early-stage European biotech companies, combining company creation with venture-stage investments; the fund has already completed 11 investments as of April 2026.
- • Cornerstone investors include Eurazeo, Australian pharmaceutical giant CSL, the European Investment Fund (EIF), and Bpifrance, alongside institutional LPs and family offices, underscoring confidence in Kurma's venture builder model.
- • Kurma Partners now manages €1 billion in assets under management across all franchises, with a proven exit track record including Amolyt Pharma (sold to AstraZeneca), Emergence Therapeutics (sold to Eli Lilly), and Corlieve Therapeutics (sold to uniQure).
Summary
Kurma Partners, a Paris-based European healthcare venture capital firm and subsidiary of Eurazeo, announced the final closing of Biofund IV at €215 million in April 2026. The fund, which held its first close in October 2024 at €140 million, represents a significant expansion of Kurma's biotech investment platform, growing 35% relative to Biofund III's €160 million size. The final closing amount fell approximately 14% short of the firm's original €250 million target, reflecting the selective funding environment for specialist biotech vehicles despite recent market improvements from the post-2021 correction.
The fund's composition reflects strong backing from both institutional and corporate investors. Cornerstone supporters include Eurazeo (Kurma's parent company), CSL, the Australian pharmaceutical leader, the European Investment Fund, and Bpifrance—France's public investment bank—alongside additional European institutional investors and family offices. This investor syndicate signals renewed confidence in Kurma's differentiated venture builder model and track record of therapeutic innovation, even as LP capital remains discipline-focused on firms with clear strategic positioning and visible exit pathways.
Biofund IV will deploy capital into approximately 20 early-stage European biotech companies focused on severe or incurable diseases, with completed investments already totaling 11 as of the fund's close. The investment strategy balances company creation—working in synergy with Argobio Studio, a venture builder co-founded with Bpifrance—alongside investments in established venture-stage companies. The fund targets oncology, rare diseases, and gene and cell therapies, positioning portfolio companies toward Phase II/III clinical assets with global exit potential via IPO or M&A.
Kurma's fundraising success, despite missing its target, reflects the European biotech market's pragmatic reset. The €215 million close positions the firm as a meaningful capital provider by European biotech standards while avoiding the capital drag that can result from oversizing specialist funds in cautious LP environments. With €1 billion in total assets under management across all Kurma franchises, the firm's earlier funds have delivered material exits: Biofund III portfolio company Amolyt Pharma was acquired by AstraZeneca for rare endocrine disease therapy; Emergence Therapeutics (ADC-focused oncology) was sold to Eli Lilly; and Corlieve Therapeutics (rare epilepsies) was acquired by uniQure. These successes support LP conviction in Kurma's ability to bridge European academic research with commercial development to create disruptive therapeutics.
The fund's composition reflects strong backing from both institutional and corporate investors. Cornerstone supporters include Eurazeo (Kurma's parent company), CSL, the Australian pharmaceutical leader, the European Investment Fund, and Bpifrance—France's public investment bank—alongside additional European institutional investors and family offices. This investor syndicate signals renewed confidence in Kurma's differentiated venture builder model and track record of therapeutic innovation, even as LP capital remains discipline-focused on firms with clear strategic positioning and visible exit pathways.
Biofund IV will deploy capital into approximately 20 early-stage European biotech companies focused on severe or incurable diseases, with completed investments already totaling 11 as of the fund's close. The investment strategy balances company creation—working in synergy with Argobio Studio, a venture builder co-founded with Bpifrance—alongside investments in established venture-stage companies. The fund targets oncology, rare diseases, and gene and cell therapies, positioning portfolio companies toward Phase II/III clinical assets with global exit potential via IPO or M&A.
Kurma's fundraising success, despite missing its target, reflects the European biotech market's pragmatic reset. The €215 million close positions the firm as a meaningful capital provider by European biotech standards while avoiding the capital drag that can result from oversizing specialist funds in cautious LP environments. With €1 billion in total assets under management across all Kurma franchises, the firm's earlier funds have delivered material exits: Biofund III portfolio company Amolyt Pharma was acquired by AstraZeneca for rare endocrine disease therapy; Emergence Therapeutics (ADC-focused oncology) was sold to Eli Lilly; and Corlieve Therapeutics (rare epilepsies) was acquired by uniQure. These successes support LP conviction in Kurma's ability to bridge European academic research with commercial development to create disruptive therapeutics.
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