Susanna Daniels helps Hellman & Friedman raise a fund that Zita Saurel will be involved in deploying

From our Women's PE Briefs - week commencing July 19, 2021

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Susanna Daniels helps Hellman & Friedman raise a fund that Zita Saurel will be involved in deploying

Hellman & Friedman, whose head of investor relations is Susanna Daniels, raises one of the largest ever private equity funds – a fund that another firm partner, Zita Saurel, will be involved in deploying. The private equity firm closed its tenth fund at $24.4 billion and now has more than $80 billion under management. It is committing $1.8 billion to the fund. Founded in 1984, Hellman & Friedman has offices in San Francisco, New York and London.

In a statement, Susanna said, “we are so grateful and honored by the strong support we received from our limited partners, many of whom have invested with us throughout our 35-year history.” Susanna has been with the firm since 2007 and is a past speaker at the Women’s Private Equity Summit. Zita, who is in London, has been with the firm since 2005. She is currently a director of Allfunds.

Sofinnova Partners raises a new fund that Anne Osdoit will oversee and Marion Gasperment help deploy

Sofinnova Partners raises a new medtech acceleration fund that will be overseen by Anne Osdoit and which Marion Gasperment will be involved in deploying. Sofinnova closed its MD Start III fund at 63 million euros. The fund’s investments include Moon Surgical, which is developing an assistance platform for minimally invasive surgery, and Gradient Denervation Technologies, which is developing a medical device for transvascular treatment of pulmonary hypertension. Anne is currently CEO of both companies.

Sofinnova created MD Start 10 years ago with serial medtech entrepreneurs with ties to the firm. MD Start sources innovations when they are concepts and works with clinicians to develop the inventions into companies. The first two funds were independent, but the third is being managed by Sofinnova.

The first two funds produced seven new companies, Anne has also served as CEO of two of the companies developed in the second fund: SafeHeal and Ablacare. She is also a board member of FeetMe and chair of CardioLogs. One of the funds’ portfolio company, preCARDIA, was recently acquired. In a statement, Anne said, “the recent flurry of activity of the fund, including the acquisition of preCARDIA and the launch of our call for projects reinforces the robustness and long-term success of the MD Start strategy.”

Anne, who is a partner with Sofinnova, joined the firm after spending 10 years with Mauna Kea Technologies, a French medical technology company that is now public. Marion, an associate program manager, manages the fund’s deal flow and focuses on the identification and evaluation of the most promising ideas for incubation. She joined Sofinnova MD Start in 2019 after being chief operating officer of CardioLogs.

Kim Mackrill’s Mammoth Scientific announces a new $100M fund

Mammoth Scientific, which was co-founded by Kim Mackrill, has rolled out a new venture fund. The $100 million fund will be used by the Atlanta venture firm to invest in health science and technology companies maturing beyond seed rounds.

Kim founded the Atlanta firm with Dr. Jay Yadav, Tommy Martin, Dr. Matthew McGirt and Jud Mackrill. Kim, the firm’s chief operating officer, previously co-founded Mineral Interactive, which was acquired by Carson Group in 2018. Kim led marketing and client experience design at Carson. Mammoth’s team also includes chief legal officer Erin Heck.

H.I.G. Capital closes a new fund that Gina Provenzale and Sobia Khaliq will help deploy

H.I.G. Capital, whose head of capital formation is Jordan Peer, said its credit affiliate has closed a new fund – a fund that managing directors Gina Provenzale and Sobia Khaliq will be involved in deploying. H.I.G. WhiteHorse’s Direct Lending Fund secured aggregate capital commitments of approximately $1.65 billion. The fund will continue H.I.G.’s focus of investing in tailored senior secured financial solutions to primarily, non-sponsor owned companies in the United States. Earlier this year, H.I.G.’s distressed debt and special situations affiliate, H.I.G. Bayside, closed its sixth Loan Opportunity Fund at $1.4 billion.

Gina joined H.I.G. in 2016 while Sobia came aboard in 2017. Jordan joined H.I.G. in 2014 from Blackstone’s GSO Capital Partners. She is a past speaker at both the Women’s Alternative Investment Summit, the Women’s Private Equity Summit and this year’s Virtual Women’s Private Equity Summit.

H.I.G. has offices around the country as well as in Europe, South America and Latin America. It now has $44 billion of equity capital under management.

Juliet Tammenoms Bakker’s Longitude Capital raises a new fund

Longitude Capital, which was co-founded by Juliet Tammenoms Bakker, raises a new fund that it will invest in the crossover and IPO financings of some of its portfolio companies. Longitude closed its Prime Fund at $135 million.

The firm has used the fund to make one investment, supporting portfolio company Rapid Micro Biosystems’ recent $158 million IPO. Rapid, which Longitude first backed in 2013, has developed an automated microbial quality control platform to increase efficiency and ensure data integrity in the production of biologics, vaccines and cell and gene therapies.

In a statement, Juliet said, “over the last few years, we have seen our portfolio companies attract substantial capital and drive attractive returns following the achievement of material de-risking events such as initial clinical trial results or the demonstration of a strong and sustainable commercial launch. The Prime Fund will target these later stage investment opportunities in a way that we believe complements our core funds and enables us to continue supporting our portfolio companies as they mature.”

Juliet currently has two portfolio companies, Nalu Medical, Inc., and RxSight, Inc., in registration to go public. In 2020, another of her companies, Eargo, went public. Earlier this year, Juliet led Longitude into Ceribell, Inc., which is seeking to improve the diagnosis and treatment of patients at risk for seizures and whose co-founder and CEO is Jane Chao. Juliet joined Ceribell’s board and is also on the board of Endogenex, Inc.

Juliet founded and co-leads Longitude with Patrick Enright. Longitude closed its ninth core fund in 2020 at $585 million and has nearly $2 billion in capital commitments. It has offices in Menlo Park, Greenwich, Conn. and Boston.

Schroders Capital closes a new infrastructure debt fund 

Schroders Capital, whose global head of infrastructure is Chantale Pelletier, closes a new infrastructure debt fund. The firm said it reached its 1 billion euros hard cap target. The fund will invest in European sub-investment grade infrastructure debt opportunities. The firm’s first infrastructure debt fund closed in 2017 at 350 million euros and was almost fully deployed within two years.

In a statement, Chantale said investor interest in the fund “has been exceptionally strong since this vintage was launched last year. To reach the hard cap target of 1 billion euros in a relatively short space of time is testament to the belief of our investors have in the team’s ability to identify excellent investment opportunities and deliver robust returns.”

Over the past five years, Schroders’ infrastructure team has invested 2.8 billion euros in more than 80 transactions in 14 European countries. Chantale was appointed to her role earlier this year, having previously been managing director, capital solutions for Caisse de dépôt et placement du Québec.

Diana Saraceni’s Panakès Partners holds a first closing on its second fund

Panakès Partners, whose three-person founding team includes Diana Saraceni, holds a first closing on its second fund, a fund that partner Barbara Castellano will be involved in deploying. The Milan biotech and medtech venture firm said it has raised 150 million euros and will leave it open with the aim of closing it later this year at 180 million euros. The fund is anchored by EIF and FOF Venturitaly.

Panakès seeks to invest in companies in Europe, and specifically Italy, that are seeking to transform patient care. Diana founded the firm in 2015 with Fabrizio Landi and Alessio Beverina.

Pillar VC closes its third fund

Pillar VC, whose team includes partner Sarah Hodges, director of platform Katie Mulligan and newly added senior associate Emily Batt, closes its third fund. The Boston venture firm raised $192 million, $169 million of which will go into its main fund and $23 million for follow-on rounds in promising portfolio companies. The new fund comes approximately two years after it closed its second fund at $100 million. Pillar will largely continue to make seed-stage investments. Sectors it focuses on include artificial intelligence, machine learning, blockchain, robotics and computation in bio, across market segments.

Pillar was launched five years ago with support from a group of successful Boston area entrepreneurs. The group of founding CEOs included Clearsky Data’s Ellen Rubin, Constant Contact’s Gail Goodman, PillPack’s Yvonne Hao and Ginkgo Bioworks’ Reshma Shetty. The firm’s first fund closed at $57 million. All told, Pillar has invested in 50 companies with the two funds.

Among Pillar’s more notable investments are Desktop Metal, which went public via a SPAC; Circle, a cryptocurrency company that is also going public via a SPAC; and PillPack, which was bought by Amazon. Its recent investments include Verve Motion, a wearable robotics start-up, and Waeve, a lifestyle brand co-founded by Mary Imevbore, Susana Hawken and Tiiso McGinty.

Katie Jacobs Stanton’s Moxxie Ventures closes its second fund at $85M

Moxxie Ventures, which was founded by Katie Jacobs Stanton, closes its second fund. The venture firm raised $85 million to invest in early-stage companies focused on such sectors as remote-work, health care and climate-tech. Moxxie closed its debut fund in 2019 at $25 million. A former Twitter executive, Katie co-founded #Angels, an angel investing group led by a group of former and current female Twitter executives.

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