Antoine Papiernik

academia in general and develop the companies themselves.

That's the one thing that I think few people do in Europe.

In the US, you have a few famous funds who tend to do that.

But in Europe, there's not that many people who actually take this level of risk.

We're the team that you know, the management is our partners who take this.

So that's one element.

Those are in general the, you know,

smaller funds because they do really needlework, if you see what I mean.

They create things from scratch with technologies and then bring them to the next step.

So that's one strategy on the earlier stage of the spectrum to through the capital funds, of course, that you mentioned that these are the traditional, in some way, early stage funds to the later stages.

And we set up a

a late-stage growth, or what we also call crossover fund, investing in late-stage clinical to even public investing.

So I think the way we portray ourselves is a platform where if you're an entrepreneur, if you are an early entrepreneur, you have someone to speak to that wants to listen to something that may be preclinical, to if you are a company that's already raised substantial venture money and you have de-raised your product, it's now in the clinic, but you need to run

a phase two B, a phase three, you need to bring this product to market, you have someone to speak to and so few know that.

So few firms have this breadth of competence.

We took the decision not to have one pot of money, like 4 billion euros you mentioned in AUM, with everyone just sort of tapping in that pot in order to do early stage, middle stage, later stage.

We

think that it was more appropriate to hire people that really are specialists in all the different stages.

And beside the stage, it's also something that is important to mention, we do biotech, and I would say it's the majority of what we do.

Majority means more than 50%.