Irish private equity group Fountain Healthcare Partners raised €118 million at the initial closing of Fountain Healthcare Partners Fund III LP, surpassing the investment vehicle's initial goal of €100 million.

The life science venture capital fund will primarily focus on investments in specialty pharmaceuticals, biotechnology and medical devices in Europe, along with some investments expected in the U.S. market.

The platform is expected to carry out 10 to 12 investments, mainly in private life science companies, according to a release.