Apollo Global Management is taking a minority equity stake in European venture capital firm Sofinnova Partners, the two organizations said in a joint news release.
Sofinnova, based in Paris, invests in life sciences companies.
The strategic partnership will offer entrepreneurs more capital solutions to help bring new therapeutic and biotechnology-based solutions to the market, the release said Monday.
Apollo will invest up to $1.05bn in Sofinnova vehicles, including future strategies co-developed by the two firms.
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The strategic partnership gives Sofinnova access to Apollo’s global investment platform spanning credit, equities, real estate and other asset classes. In return, Apollo gains investment managers with expertise in deep tech, fintech, digital assets and other specialized, higher growth categories, the release said.
Sofinnova Partners has more than €2.5bn under management, and as of March 31, Apollo had $513bn under management.
Apollo and its affiliates manage more than $5bn in health care and life sciences industries, “and we view this space as a significant growth area for the firm. Sofinnova is a clear partner of choice, with specialized knowledge and a vast industry network that is accretive to our broader investing platform,” Scott Kleinman, co-president of Apollo, said in the release.
Source: Pensions & Investments
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