Ebb & Flow

In its previous fundraising efforts, Sofinnova Ventures typically would take a year or more to raise a fund that wasn't oversubscribed. Thus, the firm was pleasantly surprised when its $375 million Sofinnova Venture Partners VII fund closed in eight weeks - and was two times oversubscribed.

The quick turnaround, according to Sofinnova's Mike Powell, suggests two trends. First, he said, "this is a good environment for raising money." Also, Powell thinks the firm now is viewed by LPs as "people who made it, rather than people trying to get there." ...