Peregrine Ventures raises life science fund with USD300m target

Life Sciences

Israeli VC firm Peregrine Ventures has launched its fifth fund and first growth fund, Peregrine Growth, focused on late stage life science companies that are on the verge of an IPO or M&A deal.

Peregrine Growth will invest USD20 to USD30 million per round in sectors including medical devices, pharma and digital health. 

“With the renewed focus on biotech, health, and life science in the wake of the COVID-19 crisis, the potential of Peregrine Growth is great,” says Eyal Lifschitz, managing partner and co-founder at Peregrine Ventures. 

Several of Peregrine’s current portfolio companies have pivoted to combat Covid-19. For example, Cordio’s noninvasive technology is able to remotely monitor and diagnose the status of COVID-19 patients based on the analysis of their speech pattern.

Israeli institutional investors have contributed USD101 million of the planned USD300 million to the fund so far, and Peregrine is aiming to raise additional capital from institutional investors and family offices globally. 

"Many industry executives are aware that insufficient funds have been invested in healthcare and pharma technologies, and therefore expect that the life science sector will experience significant growth over the next decade. Institutional investors are taking note of the trend and will be allocating a larger percentage of their investments toward life science,” added Lifschitz.

The fund follows Peregrine IV which closed in December 2019 on USD 115 million. The performance of Peregrine’s portfolio places the firm in the upper quartile of IRR results for all VC firms in global benchmarks, according to the firm.

Peregrine’s portfolio companies have completed exits totalling more than USD2 billion to date, including Valtech and Neovasc, among the largest exits in the field of medical devices in Israel’s history.

Peregrine Ventures has invested in digital health companies such as Memic, CartiHeal, Cordio and Magneto.