Pinsight Capital Raises $350M in Second Fund - Venture Capital News

Presight Capital Secures $350 Million for Second Fund

Presight Capital has successfully finalized its second investment fund, totaling $350 million. This achievement occurred remarkably quickly, just a year and a half following the announcement of their initial $80 million fund. General Partner Christian Angermayer revealed the fund was secured within weeks, significantly exceeding its original $250 million target.

Apeiron Investment Group's Venture Arm

Presight functions as the international venture capital division of Apeiron Investment Group, the family office managed by Angermayer. Apeiron currently oversees assets exceeding $2.5 billion. Discussions with Angermayer regarding Presight’s first fund highlighted the firm’s capacity to facilitate the expansion of U.S.-based startups into European markets, particularly in navigating complex regulatory frameworks.

Investment Strategy and Approach

The core investment strategy for the second fund mirrors that of the first. Angermayer emphasized several key aspects of Presight’s operational model. A prominent feature is their collaborative investment strategy; they frequently co-lead investment rounds, always partnering with other investors.

Despite maintaining a lean investment team – comprising Angermayer, General Partner Fabian Hansen, and Principal Philipp Schreiber – portfolio companies benefit from access to the broader Apeiron team of 20 full-time professionals and an extensive network.

Sector Focus and Past Successes

Presight maintains a sector-agnostic investment approach, though it demonstrates a strong interest in biotech and deep tech. The firm has already achieved notable successes in these areas.

• An early investment in AbCellera, an AI-driven drug discovery platform, resulted in a successful IPO.
• Compass Pathways, a company pioneering a patented synthetic form of psilocybin for depression treatment, has also gone public.

The Future of Biotech and QALYs

In a LinkedIn post from last autumn, Angermayer posited that biotech will be the dominant sector over the coming two decades. He identified quality-adjusted life years (QALYs) as the crucial metric within this field.

A QALY represents a year of life in perfect health, with death equating to zero and diminished health carrying a value between the two extremes, potentially even negative. Angermayer believes companies that enhance QALYs – namely, biotech firms – will be the major beneficiaries of this trend.

He openly acknowledges a personal motivation, stating his desire for longevity and optimal health, and expressing confidence that advancements enabling this will emerge within the next 20-30 years.

A New Wave of Biotech Entrepreneurship

Hansen observed a growing trend of experienced executives within biotech companies launching their own ventures. This is driven by the realization that initiating a new company is increasingly accessible, with reduced costs and easier access to venture capital.

Limited Partner Investments

Presight Fund Two’s limited partners include a diverse group of prominent individuals and organizations. These include AbCellera’s founder and CEO, Carl Hansen, former Goldman Sachs CFO Martin Chavez, actress Uma Thurman, Founders Forum co-founder Brent Hoberman, Point72, and family offices representing XING founder Lars Hinrich, Nicole Junkermann, Louis Bacon, Alan Howard, Albert Buell, and Mike Novogratz.

Notably, Angermayer personally contributed $60 million to the fund.