Key Takeaways
- • Kurma Partners closed Biofund IV at €215 million, representing a 35% increase over the €160 million raised for its predecessor fund and marking the firm's largest fund to date, though it fell short of the €250 million target announced in October 2024.
- • The fund has already deployed capital across 11 companies, including SciRhom, Memo Therapeutics, Avidicure, Elkedonia, and Nuevocor, with plans to reach approximately 20 total investments by deploying remaining capital over the next several years.
- • Kurma Partners now manages €1 billion in total assets under management across all funds, a significant milestone since launching with €51 million in 2009, backed by major institutional investors including Eurazeo (parent company), the European Investment Fund, Bpifrance, and CSL.
- • The fund differentiates itself by investing in both company creation from academic research and established venture-stage companies, leveraging its Argobio Studio—co-launched with Bpifrance and supported by Angelini Ventures, Evotec, and Institut Pasteur—which has already invested in eight companies with three completing first funding rounds.
- • Kurma's portfolio has demonstrated strong exit momentum, with four recent acquisitions by major pharmaceuticals: Amolyt Pharma (AstraZeneca), Emergence Therapeutics (Eli Lilly), Corlieve Therapeutics (uniQure), and ImCheck Therapeutics (Ipsen) for €350 million upfront with potential milestone payments up to €1 billion.
Summary
Kurma Partners, a Paris-based asset manager and subsidiary of Eurazeo, has successfully closed Biofund IV at €215 million, consolidating its position as a leading specialist investor in European biotech and healthcare innovation. While the final close fell €35 million short of the €250 million target announced during the fund's first close in October 2024, the €215 million represents a 35% increase over Biofund III's €160 million raise and marks Kurma's largest fund to date. This achievement brings Kurma's total assets under management to €1 billion, a dramatic expansion from its €51 million debut fund in 2009.
The fund's investor base reflects institutional backing from established healthcare and public sector participants. Major limited partners include Eurazeo, the European Investment Fund (EIF), Bpifrance (France's public investment bank), and CSL, a major global biopharmaceutical company. Bpifrance contributed both direct capital and indirect funding through France's Biotech Health Acceleration Fund as part of the France 2030 strategic initiative, underscoring government-level commitment to European biotech competitiveness.
Biofund IV has deployed capital into 11 portfolio companies to date, with planned investments in approximately nine additional companies over the coming years to reach its 16-to-20 company target. Current holdings include SciRhom (autoimmune), Memo Therapeutics (natural immunity), Avidicure (cancer immunotherapeutics), Elkedonia, Nuevocor, Evla Bio, Adcytherix, Evidence Bio, Laigo Bio, Alveus, and Givax. The fund distinguishes itself through a dual investment model that both creates new companies from academic research and invests in established venture-stage therapeutics companies, maintaining thematic agnosticism to pursue frontier innovation opportunities.
Kurma's value creation track record supports the momentum behind Biofund IV's close. Recent portfolio exits include the acquisition of Amolyt Pharma by AstraZeneca, Emergence Therapeutics by Eli Lilly, Corlieve Therapeutics by uniQure, and ImCheck Therapeutics by Ipsen in a deal valued at €350 million upfront with potential milestone payments reaching €1 billion. Additionally, Kurma's Argobio Studio—a company creation platform established with Bpifrance and supported by Angelini Ventures, Evotec, and Institut Pasteur—has invested in eight companies, three of which have progressed to first funding rounds, demonstrating validation of the creation-from-academic-research strategy.
Positioned among Europe's largest biotech-focused venture capital platforms alongside Sofinnova Partners, Forbion, and Versant Ventures Europe, Kurma's successful Biofund IV close signals sustained institutional appetite for specialized European biotech capital despite broader venture market volatility. The fund's closure below initial targets reflects market conditions but still delivers meaningful capital to European biotech founders and reinforces Kurma's capability to source, structure, and support transformative therapeutic companies across the region.
The fund's investor base reflects institutional backing from established healthcare and public sector participants. Major limited partners include Eurazeo, the European Investment Fund (EIF), Bpifrance (France's public investment bank), and CSL, a major global biopharmaceutical company. Bpifrance contributed both direct capital and indirect funding through France's Biotech Health Acceleration Fund as part of the France 2030 strategic initiative, underscoring government-level commitment to European biotech competitiveness.
Biofund IV has deployed capital into 11 portfolio companies to date, with planned investments in approximately nine additional companies over the coming years to reach its 16-to-20 company target. Current holdings include SciRhom (autoimmune), Memo Therapeutics (natural immunity), Avidicure (cancer immunotherapeutics), Elkedonia, Nuevocor, Evla Bio, Adcytherix, Evidence Bio, Laigo Bio, Alveus, and Givax. The fund distinguishes itself through a dual investment model that both creates new companies from academic research and invests in established venture-stage therapeutics companies, maintaining thematic agnosticism to pursue frontier innovation opportunities.
Kurma's value creation track record supports the momentum behind Biofund IV's close. Recent portfolio exits include the acquisition of Amolyt Pharma by AstraZeneca, Emergence Therapeutics by Eli Lilly, Corlieve Therapeutics by uniQure, and ImCheck Therapeutics by Ipsen in a deal valued at €350 million upfront with potential milestone payments reaching €1 billion. Additionally, Kurma's Argobio Studio—a company creation platform established with Bpifrance and supported by Angelini Ventures, Evotec, and Institut Pasteur—has invested in eight companies, three of which have progressed to first funding rounds, demonstrating validation of the creation-from-academic-research strategy.
Positioned among Europe's largest biotech-focused venture capital platforms alongside Sofinnova Partners, Forbion, and Versant Ventures Europe, Kurma's successful Biofund IV close signals sustained institutional appetite for specialized European biotech capital despite broader venture market volatility. The fund's closure below initial targets reflects market conditions but still delivers meaningful capital to European biotech founders and reinforces Kurma's capability to source, structure, and support transformative therapeutic companies across the region.
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