Geneva –based IPF Partners has held a first close for its maiden fund, having garnered more than €80 million in commitments.
This includes commitments from the European Investment Fund, three European institutional investors and a family office, the firm said in a statement announcing the close.
IPF (short for ‘Intellectual Property Finance’) is led by form Lazard Investment Bank chief executive Georges Ralli. The firm set a target of €150 million for the fund, called IPF I, with a hard cap of €200 million. Placement agent Arbour Partners (formerly Avebury Capital Partners) is working on the fundraising.
The firm’s strategy is to provide ‘growth debt’ financing to small-to-medium-sized commercial-stage companies. The fund’s target returns are in the 15-20 percent range, with deal sizes expected to be in the €5 million to €20 million range.
IPF’s team comprises a number of experienced healthcare and debt professionals, include Edouard Guillet, previously a senior executive at Gilead Sciences, Medtronic and the Boston Consulting Group. Others include Bernice Welles, formerly a venture partner at life sciences-focused venture capital group MPM Capital, and Raeto Guler, previously a debt financing professional at Macquarie’s special situations lending team and Barclays Capital.
IPF has already identified several potential deals and will actively seek to begin deploying capital this quarter, it said.
“We are pleased to have achieved a first closing in a relatively short time frame with support from our institutional investors,” Ralli said in a statement. “As a team we are seeing attractive funding propositions in the sector and expect to deploy capital steadily as we bring more investors into the programme over coming months”.