Kurma Biofund IV

Kurma Biofund IV is a European early-stage life sciences venture capital fund managed by Kurma Partners, a Paris- and Munich-based investment management firm and subsidiary of Eurazeo. The fund achieved a first close of €140 million in October 2024 and completed its final close at €215 million on April 23, 2026—falling short of its original €250 million hard cap but representing a 35% increase in size over predecessor Biofund III (€160 million). Cornerstone investors include the European Investment Fund (EIF) and Bpifrance as returning institutional backers, alongside CSL, an Australian pharmaceutical company making its first commitment to the fund series.

Biofund IV is dedicated to backing innovative therapeutic solutions for diseases with high unmet medical need. Approximately 80% of the fund's capital is allocated to companies developing therapeutic approaches spanning autoimmune diseases, oncology immunotherapeutics, and natural immunity platforms. The fund pursues a balanced, risk-managed strategy that combines new company creation—building spinouts from leading European academic institutions and research clusters—with investments in established venture-stage biotech companies requiring Series A or B financing. It targets 16 to 20 new investments across Europe, with a scientific focus on disruptive therapeutic modalities rather than incremental modifications to existing drug classes. With Biofund IV, Kurma Partners' total assets under management reached €1 billion.

Kurma Partners' prior funds provide a strong proof-of-concept for the strategy. Biofund III (€160 million, 2018) produced three landmark exits: Amolyt Pharma was acquired by AstraZeneca, Emergence Therapeutics was acquired by Eli Lilly, and Corlieve Therapeutics was acquired by UniQure—all large-cap pharma acquirers, demonstrating the firm's ability to create venture-backed biotech value to acquisition standards. Biofund II (€55 million, 2013) and the Paris Saclay Seed Fund (€53 million, co-managed with Partech) further illustrate Kurma's capacity to source from deep academic networks and to build companies from the earliest stages of scientific validation through to clinical proof-of-concept.