When LSP-Life Sciences Partners launches a new healthcare venture fund next year it will stick to a strategy that has yielded 12 exits in the past 18 months - early stage, European drug development companies. The recent exits also highlight the firm's decision to focus on companies ripe for trade sales and to diversify its portfolio through a trio of complementary funds.

Since its beginnings in 1988, LSP has raised a total of $1 billion in eight funds and has invested in 75 private companies. There have been 18 IPOs and 25 trade sales across seven venture funds.