Jeito Capital has hailed the $1.2 billion it has secured as the “largest raise ever achieved” by an independent biopharma-focused European fund.
The Paris, France-based private equity fund raised over €1 billion for its second fund, dubbed Jeito II, which was above its original target. The latest fund follows a similar strategy to the €534 million that Jeito compiled for its first fund back in 2021.
Jeito typically focuses on clinical-stage companies based in Europe, and is attracted to those “developing breakthrough therapies for severe diseases with high unmet medical needs and accelerating the development path and future market access,” according to an April 8 release.
While Jeito had planned to target the first fund between 12-15 companies, the investment company said the latest fund would benefit between 15 and 20 biopharmas.
“This record closing is the largest raise ever achieved by a fully independent European fund dedicated to biopharma, validating Jeito’s patient-driven investment strategy,” Jeito said in this morning’s release.
Having almost doubled the money to play with for Jeito II, the company said it can now increase the average amount it invests in each biotech to up to €150 million ($175 million). This will “driv[e] value creation by enabling the companies to accelerate and progress through to advanced clinical development and unleash their full commercial potential,” Jeito said.
Jeito founder and president Rafaèle Tordjman, M.D., Ph.D., said the latest fund was a “strong signal for the European biopharma ecosystem, demonstrating the growing conviction that European companies can drive major therapeutic innovation and significant economic benefits with the appropriate access to financial and strategic resources.”
“The closing of Jeito II at more than one billion euros represents a very significant milestone for our business,” added Tordjman, who, back in 2021, was tasked by the French government with boosting the biotech ecosystem in the country.
Of the companies that Jeito has invested in to date, three have exited. They include ophthalmology-focused Eyebiotech, which Merck & Co. picked up for $1.3 billion upfront in 2024, as well as Hi-Bio’s $1.15 billion upfront buyout from Biogen that same year.
Concerns have grown in recent years about Europe’s struggles to scale and retain its life sciences innovation despite strong scientific foundations. This led heavyweight European venture capital firms like Novo Holdings and Sofinnova Partners to join forces in February to make the case for more urgently needed funding in the continent's biotech ecosystem.
Still, European-focused life sciences firms continue to raise respectable amounts, with London and Geneva-based Medicxi accruing €500 million euros (about $581.6 million) for its sixth fund in November.