Apollo Global Management Inc. is acquiring a minority equity interest in Sofinnova Partners, a European venture capital firm that invests in life sciences companies.

The alternative asset manager will commit as much as 1 billion euros ($1.04 billion) in managed capital to Sofinnova’s investment funds, according to a statement obtained by Bloomberg News. 

Besides life sciences, Apollo has identified several areas including financial technology, and software, where it can find opportunities to partner with other funds. Under a similar model, it invested in fintech specialist Motive Partners last year. 

Read more: BNN Bloomberg