BORNHEIM, Germany ¿ The German-U.S. company Techno Venture Management disclosed the first closing of its TVM V Life Sciences Ventures at EUR70 million (US$60 million). The target volume for this fund is EUR250 million, with a maximum of EUR400 million.

It is Munich-based TVM¿s fifth generation of venture capital. The second closing is expected to take place in June and the final closing in autumn, TVM spokeswoman Theresia Wermelskirchen told BioWorld International.

The fund is located in Munich, denominated in euros and will invest internationally, TVM said.

The major target areas are Germany, the UK, France and the United States, Wermelskirchen said, adding that TVM probably will invest in Scandinavia as well. The major focus of investment activity lies in the creation of trans-Atlantic businesses.

TVM focuses on information and communications technology and life science companies. TVM funds have made investments in more than 190 companies in eight countries. ¿ Rainer B. Langen

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