Sofinnova Schedules December Wrap –

PARIS – Sofinnova, S.A. was slated to reach a first and final close on Sofinnova Capital III in mid-December, with expectations of exceeding its FFr 600 ($106.6 million) target.

The fund (VCJ, November 1998, page 26) will back early-stage information technology and life-sciences companies, predominantly in France.

Limited partners include J.P. Morgan Investment Management Inc., Electricite de France, Swiss Re, Fonds Public pour le Capital Risque, Ecureuil Vie, Vontobel and the European Investment Fund, said Sofinnova General Partner Monique Saulnier.

Launched in June, the vehicle features an 80%/20% carried interest split and a varying management fee that averages 2.3% over the fund’s 10-year life, she said.