Since its inception, TVM Capital has raised more than €1.3 billion ($1.3 bn) in investment capital, and the firm is currently investing from its sixth generation of venture capital funds. To offer a higher degree of flexibility to investors, our fifth fund generation marked a split into two dedicated industry-specific fund entities for life sciences and technology investments. In all its funds, TVM Capital has a strong global base of Limited Partners, including investors from Europe, the United States, and Asia.
TVM Life Science Ventures VI (vintage 2005, €240.3 million ($298.9 m)) As with previous funds, TVM LSV VI maintains a strong emphasis on investments in the fields of drug discovery and development and is funding companies through all stages in the U.S. and Europe. The fund had its first IPO in June 2006 with the listing of BioXell in Switzerland and its second IPO with Newron, also in Switzerland.
TVM V Information Technology (vintage 2002, €128 million ($121.1 m)) TVM V IT was the largest German high tech venture capital fund raised in 2002. The fund’s investments have been focused in the areas of business software, semiconductors and components, wireless and telecommunications, media content and environmental technologies. The fund has primarily invested in early stage businesses that are now emerging as leaders in their fields such as the wireless infrastructure company Ubidyne, the new battery technology company Revolt and the web conferencing company Netviewer.
TVM V Life Science Ventures(vintage 2001, €336 million ($301.1 m)) TVM Capital’s first dedicated life sciences fund focused primarily on early stage investments throughout Europe and the United States. The sector focus remained unchanged from previous investments, with a strong emphasis on platform technologies that enhance drug discovery, integrated drug discovery, drug delivery and drug development companies. IPOs from this fund have included Addex, Acorda, Sirtris and Jerini. Strategic corporate buyers bought Jerini and Sirtris in 2008.
TVM IV (vintage 2000, €300 million ($277.1 m) This fund focused specifically on creating transnational businesses that benefit from access to science, management talent and capital on both sides of the Atlantic. The fund resulted in a portfolio of companies in all stages of development – from seed investments to later-stage. Exits from technology portfolio have included Comstock Systems which was sold to Hitachi, Neolinear, which was acquired by Cadence and TravelTainment, acquired by Amadeus. In the life science portfolio, several companies have gone public including Ark Therapeutics, Pharmasset and Wilex.
TVM Medical Ventures (vintage 1998, €61 million ($ 68.6 m)) TVM Medical Ventures was dedicated to medical investments, and included 17 deals. TVM Capital was the lead investor for the majority of these deals, which included Idenix, Pain Therapeutics and Intercell.
TVM III (vintage 1997, €93 million ($104.6 m)) This fund focused on early-stage investments with the potential for high long-term appreciation. Among the fund’s later-stage investments, MorphoSys was the first TVM III company to go public in the spring of 1999. This was followed by the IPO of Actelion, which was a significant contributor to the fund performance, along with other companies including Evotec and GPC Biotech.
TVM II (vintage 1989, DM180 million or €92 million ($95.7 m)) TVM II resulted in numerous IPOs, including SCM Microsystems, which in 1997 was the first company to secure a dual listing on both NASDAQ and the German Stock Exchange. The IPO of MediGene on the Frankfurt Stock Exchange and the introduction of Sequenom to NASDAQ constituted a major success for the fund in 2000.
TVM I (vintage 1984, DM170 million or €87 million ($ 59.8 m)) In its first fund, the TVM Capital team focused primarily on growth financings of existing -- and often family-owned -- businesses in Germany, and smaller co-investments in the U.S. TVM I also included a highly successful lead investment in Qiagen, whose stock price helped drive the fund’s performance. Qiagen was the first German company to go public on NASDAQ.