Travers Smith has acted as lead counsel for Medicxi on the fundraising for Medicxi III LP, a new fund to invest in predominantly European life sciences companies.
Medicxi III is a continuation of Medicxi's innovative asset-centric investment model in a combined early-stage and late-stage life sciences fund. The Jersey-domiciled fund was oversubscribed, admitting more than 40 investors, of which a significant proportion were new institutional investors for Medicxi. The fund reached its hard-cap by raising €400m of commitments and held a single closing to admit all investors within a six week timeframe.
The Travers Smith team was led by Investment Funds Partner Sam Kay, with support from Funds Associate Gaby Skouroupathi. Tax advice was provided by Tax Partner Emily Clark and Associates Sarah Moir-Porteous and Amy Watson. Ogier provided Jersey advice and Ropes & Gray acted as US counsel.
Speaking about the fundraising Sam Kay said: "We are delighted to have been able to support Medicxi on another successful fundraising. An oversubscribed 'one-and-done' fundraise within such a short period of time demonstrates the market's confidence in Medicxi's investment proposition and it will be exciting to see this fund being deployed over the next couple of years into companies dedicated to translating breakthrough science into pipelines of new drugs."