Venture capital firm Fountain Healthcare Partners has successfully completed its third fund, Fountain Healthcare Partners Fund III, with €118m of committed capital.

This exceeded the fund's initial target raise of €100m.

The €118m capital raised was sourced from major domestic and international institutional investors, including the European Investment Fund, Coolidge Limited - an investment vehicle of Dermot Desmond - the Ireland Strategic Investment Fund (ISIF) and AIB. 

The new fund is a dedicated life science venture capital fund and brings Fountain's total capital under management to €294m. 

Within the life science sector, it will mainly focus on specialty pharmaceuticals, biotechnology and medical devices.

Dr Manus Rogan, co-founder and managing partner at Fountain, said the fund's investment strategy focuses on building a balanced portfolio of companies with complementary risk and return profiles within the life science sector. 

He said that with almost €300m of capital under management, Fountain are Ireland's largest dedicated life science venture capital fund. 

"We will continue to seek opportunities to identify life science investment opportunities with exciting potential both in Ireland and internationally. Our ability to deploy significant capital together with our proven track record of helping early stage companies commercialise their potential, positions us a partner of choice for ambitious life science growth companies," he added.