European medical technologies are numerous, robust, and largely underexploited outside their domestic markets. This is the observation upon which Lauxera Capital Partners has built its positioning since its foundation in 2020. Lauxera Growth II, its second fund dedicated to European HealthTech, closed at 520 million euros, surpassing its hard cap of 500 million euros, less than 18 months after its initial closing in December 2024.
More than 90% of the limited partners from the first fund have renewed their commitment, a strong signal that the thesis held and that fund 1, deployed over four years, has convinced. “The reinvestment rate of over 90%, combined with the expansion of our limited partner base, is a significant validation of our thesis and approach: a rigorous investment discipline combined with concrete operational support, serving performance”, emphasizes Pierre Moustial, co-founder of Lauxera Capital Partners.
Historical investors such as Bpifrance, FEI, Sagard, Flextone, Swen, or Malakoff Humanis have been joined by family offices and foreign institutions, an objective stated since the launch of the fundraising. Both funds benefit from the Tibi label, a crucial lever to also mobilize French institutional investors.
Context: Lauxera Capital Partners has successfully closed its second fund, Lauxera Growth II, dedicated to European HealthTech with a total of 520 million euros in investments.
Fact Check: The fund has attracted both historical investors and new institutions, surpassing its 500 million euro hard cap within 18 months of its initial closing.
Des tickets plus gros pour peser dans les tours
Lauxera Growth II plans to invest in 12 to 15 companies with tickets between 20 and 50 million euros, an increase from the first fund. The logic is clear: Lauxera does not see itself as a passive shareholder. “In fund 1, we were practically always the lead or co-lead, and our strategy is relatively hands-on. Increasing the ticket size ensures us the position of lead investor at the capitalization table”, explains Pierre Moustial.
Two investments have already been made. The first one is Acandis, a German medtech specializing in neurovascular surgery devices for the treatment of strokes and aneurysms, strong in Europe but non-existent in the United States. “Today we are truly on their side to develop the company in the United States, but also to assist them in a mergers and acquisitions strategy in Europe”, details Pierre Moustial. Second investment, same profile: Antaros Medical, a Swedish company in digital medical imaging that helps pharmaceutical laboratories understand the mechanism of action of their treatments during clinical trials. Lauxera has taken control alongside the founders. “They are already present in the United States a little, but totally underrepresented”, he summarizes.
Quand Trump accélère la thèse
The Trump administration introduced a clause known as “most favored nation,” which aims to align prices of American drugs with those practiced in the cheapest countries, including France. For laboratories, launching a product in Europe first becomes less profitable. “Everyone focused on prices, but many other things happened. This clause is quite crucial for Europe: investments are more likely to go to the United States in healthcare, and treatments are launched first, often exclusively, there. This phenomenon only accelerates our thesis on the importance of the American market for European companies”, concludes Pierre Moustial.
France represents approximately a quarter of the portfolio, in a playing field that extends from Estonia to the Netherlands, through Switzerland and to Spain. Germany and Sweden are also key markets.
Lauxera also measures the impact of each investment along three axes: results for patients, productivity of healthcare providers, and sustainability of healthcare systems. This strategy has already produced a successful exit: OrganOx, a British medical devices company backed by fund 1, was acquired in August 2025 by the Japanese company Terumo for around 1.5 billion dollars, after increasing its revenue by over 5 during the holding period, mainly thanks to the United States.
