France-based private equity firm Edmond de Rothschild Investment Partners has raised €345 million to make investments in biotechnology and medical devices.

The fundraising, which surpassed its initial target of €250 million, has been made for the life science and medical device venture capital fund BioDiscovery 5. Investors include mainly funds of funds, insurance and health insurance companies and pension funds.

The move comes amid reports of the private equity firm being in talks to separate from the parent Edmond de Rothschild Holding SA. The unit's management is in discussions for a buyout which will create an independent private equity group, a Feb. 7 Financial Times report said, citing people familiar with the situation.