The Opportunity being Missed in UK Healthcare Buyouts

For years the European Investment Fund (EIF) was a linchpin of new funds setting up in the United Kingdom (UK). A subsidiary of an EU institution, the well-funded EIF was an early investor in the funds of many UK-based managers including such repeat healthcare and life sciences investors as Abingworth Bioventures, Sovereign Capital, and Merlin Biosciences. It also made large commitments to more established managers moving into the area of healthcare, like a commitment to Advent’s debut life sciences fund. It was a repeat investor in UK-based generalist funds with healthcare exposure such as CBPE, NorthEdge, and Livingbridge.

The EIF’s support had a multiplier effect on fundraising too, as the validation signaled by a commitment from the EIF often encouraged other limited partners to com