Medicxi adds firepower for maturing portfolio via first secondary fund

Medicxi has established a new secondary fund to invest in a set of maturing companies originally backed by the firm’s predecessor organization, while offering liquidity and a reinvestment opportunity as options for LPs in the older firm’s 2012-vintage life sciences investment vehicle.

The new €200 million ($236.7 million) Medicxi Secondary 1 fund is acquiring the holdings in six companies in the portfolio of the eight-year-old Index Ventures Life VI. The deal provides a return to LPs from that fund, raised by Index Ventures prior to its life sciences team’s departure to form Medicxi in 2016. Those LPs and new investors have been offered a position in MS1, and most have accepted...