Peregrine Ventures launches $300m life science VC fund

Peregrine Ventures leadership team  / Photo: PR

The first $101 million of the Israeli investment fund for late stage life science companies has been closed.

Israeli venture capital firm Peregrine Ventures today announced the launch of a new fund, Peregrine Growth, for late stage life science companies. Peregrine has closed $101 million of the planned $300 million fund, with participation of leading Israeli institutional investors and is currently aiming to raise additional funds from institutional investors and family offices worldwide.

Peregrine was founded in 2001 by serial entrepreneurs Eyal Lifschitz and Boaz Lifschitz and has subsequently been joined by partners Tamir Tal Lior Shahory, David Eldar and Tal Carasso. The firm has become a prominent investor in Israel’s medical, life science and biotech sectors with a specific focus on medical devices.

Cofounder and managing partner Eyal Lifschitz said, "We’re very excited to launch this new fund and believe that late stage life science companies present an excellent investment opportunity. This new fund focusses Peregrine’s nearly 20 years’ experience in life science investing at all stages, on companies that are at an incredibly exciting time: on the cusp of an IPO or M&A. Our deep familiarity with the life science industry and close ties with strategic partners, allow us to know which late stage company to support and the exact timing of the investment that will yield the best returns for our partners."

Peregrine Growth will invest $20 to $30 million per funding round, with a strong emphasis on companies which are moving close to an IPO or acquisition. Peregrine invests in sectors such as medical devices, pharma and digital health.

Peregrine Growth is Peregrine Ventures’ fifth fund, and first growth fund, and follows Peregrine IV, which closed in December 2019 after raising $115 million. The performance of Peregrine’s portfolio places the firm in the upper quartile of IRR results for all venture capital firms in global benchmarks.

Lischitz added, "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. 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 worth more than $2 billion to date, including Valtech and Neovasc, which were among Israel's largest-ever exits in the medical devices sector. Peregrine’s portfolio also includes mature growth companies worth hundreds of millions of dollars, such as Memic, CartiHeal, Cordio and Magneto.

Published by Globes, Israel business news - en.globes.co.il - on November 10, 2020

© Copyright of Globes Publisher Itonut (1983) Ltd. 2020

Peregrine Ventures leadership team  / Photo: PR
Peregrine Ventures leadership team / Photo: PR
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