17 January 2013
Despite the apparent consensus opinion at JPM that
innovative new start-ups are continuing to attract capital, I wonder if in
reality the venture funding, particularly from big-pharma CVCs, is mostly
channeled into development/ acquisition of potential clinical candidates - THIS
anomaly of an 'uncharacteristic aversion of domain biggies themselves towards
investing into early innovation that'd feed their own pipelines' is WHAT I feel
is the primary reason for a strong bias in the LP universe against investment
into Life Sciences......
1 comment:
Setting aside the bias towards life-sciences VC for a while, within the alternative asset class there's a marked LP bias towards VC itself…. – once again contra-logical since a VC funded early innovative enterprise is what eventually would mature into a high-IRR PE opportunity for the same investing LP....
Guess the investing LPs are guided by individual risk-aversion & short-term interests rather than the collective wisdom of seeding for bigger returns
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