The ‘scientific’ co-founder of the Abante biotech fund is also leaving the fund. Manager Armando Cuesta has left the manager to pursue other projects, so the Biotech Fund will now become a fund of funds.
Cuesta’s departure comes two years after the departure of the other co-founder and manager, Juan Martínez García, who later launched a project with ACCI Partners. While Martínez García offered the financial ‘know how’ to the management of the fund, Cuesta contributed scientific knowledge thanks to his career as a medical researcher.
With the departure of the two managers, Abante will now convert the vehicle into a fund of funds, a management bet that it maintains in many of its other products. The entity has already been transferring it among the investors of this, of 23.72 million euros in total equity.
El Biotech Fund will keep the same theme investment, with exposure to the biotechnology and life sciences sector. In 2019, the year of its launch, the fund obtained a return of 47.6%. In 2020, it gained 7.22%. In 2021, the registered profitability is being -33%.