European medical technologies are numerous, strong, and largely underutilized outside their domestic markets. Lauxera Capital Partners has built its positioning on this observation since its foundation in 2020. Lauxera Growth II, its second fund dedicated to European HealthTech, closed at 520 million euros, exceeding its hard cap of 500 million euros, less than 18 months after its first closing in December 2024.
Over 90% of the limited partners from the first fund have renewed their commitment, a strong signal that the thesis has held and that the first fund, deployed over four years, has convinced. “The reinvestment rate of over 90%, combined with the expansion of our limited partners’ base, constitutes a significant validation of our thesis and approach: rigorous investment discipline combined with concrete operational support, to enhance 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 as well as foreign institutional investors, an objective set since the launch of the fundraising. Both funds benefit from the Tibi label, a determining lever to also mobilize French institutional investors.
Des tickets plus gros pour peser dans les tours
Lauxera Growth II plans to invest in 12 to 15 companies with tickets ranging from 20 to 50 million euros, an increase compared to the first fund. The logic is clear: Lauxera does not see itself as a passive shareholder. “In the first fund, we were almost always a lead or co-lead, and our strategy is relatively hands-on. Increasing the ticket size ensures us the position of a leading investor in the capitalization table,” explains Pierre Moustial.
Two investments have already been made. The first one concerns 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 by 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 specializing in digital medical imaging that helps pharmaceutical laboratories understand the mechanism of action of their treatments in clinical trial phases. Lauxera took control alongside the founders. “They are already somewhat present in the United States, but completely underrepresented,” he summarizes.
When Trump accelerates the thesis
The Trump administration introduced a clause known as “most favored nation,” which aims to align the prices of American medications 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 there were many other things. This clause is quite important for Europe: investments tend to go to the United States in healthcare, and treatments are launched there first, even exclusively low. This phenomenon only accelerates our thesis on the importance of the American market for European companies,” summarizes Pierre Moustial.
France represents about a quarter of the portfolio, in a playing field that extends according to his words “from Estonia to the Netherlands, passing 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, healthcare worker productivity, and healthcare system sustainability. The mechanism has already produced a convincing exit: OrganOx, a British medical devices company supported by the first fund, was acquired in August 2025 by the Japanese company Terumo for about 1.5 billion dollars, after increasing its revenue by over 5 during the holding period, mainly thanks to the United States.
