Edmond de Rothschild Investment Partners (EdRIP) has completed the first close of its latest BioDiscovery fund, which will look to invest in medical technology companies and other life sciences firms in Europe.

EdRIP confirmed the fund – the fourth in its BioDiscovery franchise - reached its objective of €125 million (£99 million) for the first closing in the expected timeframe. It also confirmed its final objective to be about €200 million by the end of the year.

Paris-based EdRIP is dedicated to minority investments in privately-owned companies, and currently has €1 billion under management which is being invested primarily in life sciences venture capital and growth capital.

The firm said it will deploy the same strategy for BioDiscovery 4 as for its previous funds. This will involve investments in 15 to 20 life science companies across all stages of development.

The investments are to be made both in therapeutic drug development companies and a combination of medical technology and molecular diagnostic companies, primarily in Europe.