Biotechnology & Life Sciences

Arcline Capital Partners IV is the fourth flagship vehicle raised by Arcline Investment Management, closing at $6 billion in October 2025 after a rapid sub-10-month fundraising cycle. The fund significantly exceeded its initial $5 billion target, reflecting strong institutional demand for Arcline’s consistent, industrial-focused investment strategy. Legal counsel for the fundraise was provided by Kirkland & Ellis. The vehicle maintains Arcline’s emphasis on technology-led industrial platforms, with investments targeted across a diverse set of sectors including defense, aerospace, industrial technology, life sciences, energy transition, and specialty materials. These industries align with the firm's long-standing belief in secular tailwinds and thematic value creation. Fund IV focuses on acquiring or partnering with middle-market companies in North America, particularly those with enterprise values of up to $3 billion and annual revenues up to $1 billion. Arcline’s hands-on, operationally intensive approach is designed to accelerate growth through digital enablement, carve-out execution, and management team collaboration. The fund is positioned to benefit from long-term macroeconomic and geopolitical trends such as supply chain reshoring, defense modernization, and industrial decarbonization. Arcline seeks to leverage these dynamics through platform consolidation, carve-outs from larger corporations, and investment in companies where technology transformation is a value lever.

The Ares Specialty Healthcare Fund is a specialized direct‑lending vehicle managed by Ares Management, formed to provide flexible capital solutions to companies operating across the specialty healthcare ecosystem. It focuses on industries such as pharmaceuticals, biotechnology, medical technologies and diagnostics, specialist healthcare services and healthcare IT where companies often face constraints accessing traditional bank financing or need transformational capital. The fund is structured to invest across the capital structure — from first‑ and second‑lien senior secured loans, to mezzanine debt, preferred equity and minority equity stakes — enabling the team to tailor solutions to companies undergoing growth or transformation. It targets businesses in North America and Europe and is backed by a dedicated investment team and industry advisory board with deep healthcare operating expertise. Recognising enduring structural trends — an aging population, innovation in diagnostics and medtech, increasing digitalisation of healthcare and shifting service models — the fund seeks to invest in companies with resilient demand and growth potential. It aims to deliver both defensive characteristics (i.e., non‑cyclical healthcare demand) and meaningful upside from innovation and transformation in the healthcare value chain. By partnering with firms across the healthcare spectrum — from device manufacturers and diagnostics players to niche specialty services and healthcare IT platforms — the fund aims to fill a financing gap and support businesses that are scaling, executing roll‑ups or transforming their offerings. The strategy leverages Ares’ broader credit platform and healthcare expertise to structure creative, non‑dilutive capital solutions in an increasingly competitive healthcare financing environment.

Ascenta Capital Fund I is the inaugural venture fund launched by Ascenta Capital, with a strong focus on biotechnology and therapeutic innovation. It is designed to back companies at early human development stages that are building multi‑medicine platforms, blending scientific rigor with translational ambition. The fund aims to partner closely with management teams, offering not only capital but also domain expertise in clinical, regulatory, and operational strategy. Since its founding in 2023, Ascenta has rapidly built momentum, closing Fund I at approximately USD 325 million. It is selectively investing and concentrating on a small number of promising biotech companies rather than a broad portfolio, positioning itself as a deeply engaged and strategic investor. The fund targets companies that are moving from preclinical to early-stage clinical development (Phase 1 / Phase 2), especially those with multi‑therapeutic pipelines or platform technologies that can generate modular or complementary product portfolios. Ascenta brings to its portfolio teams both capital and high‑touch support in scientific, regulatory, and business strategy to accelerate translation into human clinical data. Geographically, Ascenta Capital Fund I primarily invests in U.S.-based biotech and life sciences companies, often in therapeutics, drug development, or platform biotech domains. It tends to lead or co‑lead deals in development-stage biotech rounds, typically in the mid-to-later VC stages, deploying meaningful capital per deal to ensure alignment and impact.

CVC Strategic Opportunities II is a €4.6 billion private equity fund launched in 2019 by CVC Capital Partners. It is the second fund in CVC’s long-dated investment strategy, focusing on patient capital for high-quality businesses. The fund emphasizes long-term partnerships with companies operating in low-volatility sectors and demonstrating strong cash flow generation. The strategy targets control, co-control, or significant minority stakes in companies offering essential products or services. These businesses typically have stable capital structures and consistent earnings. CVC works with portfolio companies to enhance value through operational improvements and strategic growth initiatives. The fund primarily focuses on Western Europe and North America, investing across sectors such as commercial services, pharmaceuticals, biotechnology, and manufacturing. Target companies generally have enterprise values between €1 billion and €5 billion, allowing CVC to support a broad range of sizable, stable businesses.

Columbus Life Sciences Fund IV is a venture capital fund based in Spain and managed by Columbus Venture Partners. The fund has a size of 150 million euros and it is aimed at biotechnology and pharmaceutical startups. The portfolio of companies selected for this fund will focus on disruptive treatments and industrial development, particularly in the drug development process. The fund plans to make between ten and twelve investments in total. Investments from this fund will range from three million euros to a maximum of twenty million euros over the life cycle of the company. The investment timeframe for selecting portfolio companies is up to three years, with a total period of ten years to close. The Columbus VP team, led by founders and managing partners Javier García and Damià Tormo, along with partners Julen Oyarzábal, José Mesa, and Robert Armstrong, will manage this new fund.

DCVC Bio III is a venture capital fund managed by DCVC Bio and based in Palo Alto, California (United States). DCVC Bio, part of DCVC, was co-founded was established in 2018 by its four Managing Partners Dr. John Hamer, Dr. Kiersten Stead, Matt, and Zack. The team has a great understanding of genetics, chemistry, molecular biology, agriculture, industrial fermentation, and AI.

DCVC Climate Select is a venture capital fund targeting climate startups at the mid-stages of development. The fund is located in Palo Alto, California. The fund is focused on climate technologies and applications in AI, tech bio, and robotics, where it sees opportunities for investment in underfunded areas. The fund is managed by the well-established Silicon Valley VC firm DCVC, which has invested $360 million from other funds into climate startups over the last decade. DCVC Climate Select initially aimed to raise $500 million, but this target has since been lowered to $400 million due to challenging market conditions.

Deerfield Healthcare Innovations Fund III is the third installment in Deerfield Management's series of venture capital funds dedicated to advancing healthcare. Launched in May 2025, the fund has secured over $600 million in commitments, aiming to invest in promising therapeutics, improvements to healthcare delivery, and paradigm-shifting technologies, including machine learning and artificial intelligence. The fund's strategy leverages Deerfield's collaborations with 29 leading research institutions and nine industry partners. Through its in-house ecosystem, including specialized teams like Deerfield Discovery and Development (3DC) and Deerfield Intelligence, the firm identifies and advances innovative products, services, and technologies. These efforts are often in partnership with Deerfield-founded entities such as Deerfield Catalyst and Genscience. Operating from its twelve-story healthcare innovation campus, Cure, in New York City, Deerfield provides state-of-the-art research laboratories and convening spaces to support health innovators. Consistent with its long-standing practice, a portion of the profits from Healthcare Innovations Fund III not allocated to the fund's limited partners will be donated to the Deerfield Foundation, a not-for-profit organization focused on improving the health of children worldwide.

Founders Fund Growth III is the third growth-stage venture fund from Founders Fund, a San Francisco-based firm co-founded by Peter Thiel. The fund closed at $4.6 billion in April 2025, surpassing its initial $3 billion target, with participation from 270 limited partners. This fund focuses on late-stage investments in sectors such as artificial intelligence, defense technology, and advanced manufacturing. Founders Fund aims to support companies that are developing transformative technologies with significant long-term impact. With a history of backing companies like SpaceX, Stripe, and Anduril, Founders Fund Growth III continues the firm's strategy of investing in high-growth startups poised to become industry leaders.

The fund is the fourth flagship vehicle from GHO Capital, leveraging its deep specialization in healthcare to back companies delivering better, faster and more accessible care. With its final close at over €2.5 billion, the vehicle is positioned to scale high‑growth businesses across services, medtech, diagnostics and health‑tech platforms. GHO Capital IV focuses on companies where strong management, operational improvement and international expansion can unlock significant value. The fund partners with leadership teams in niche but growing healthcare subsectors and applies the firm’s sector insight, global network and operational resources to drive transformation. The strategy targets enterprises that serve pharmaceutical, biotechnology and medical device customers — such as CDMOs, contract services, outsourcing platforms, diagnostics manufacturers and digital health enablers — where structural tailwinds and under‑penetrated markets offer runway for growth. Geographically, the fund emphasises Europe and North America but retains flexibility to leverage cross‑border dynamics, enabling portfolio companies to scale internationally. Through disciplined buy‑outs, add‑on consolidation and operational acceleration, GHO Capital IV aims to d

Hercules Growth Lending Fund IV LP (Fund IV) achieved its first institutional close on July 28, 2025, under the management of Hercules Adviser LLC, the wholly-owned registered investment adviser of Hercules Capital. This marks the fourth private credit fund launched within five years and raises the cumulative committed capital across its four funds to approximately $1.6 billion. The fund leverages Hercules Capital’s scale, deep industry relationships, and rigorous underwriting framework to deploy first-lien venture and growth-stage loans, prioritizing downside protection. As of March 31, 2025, the firm has committed over $22 billion to more than 680 portfolio companies, with total assets under management exceeding $5 billion. Fund IV is focused on financing innovative, venture-backed technology and life sciences companies at critical growth inflection points. With institutional backing, it aims to scale Hercules’s platform further and support leading high-growth enterprises backed by top-tier venture firms.

The Invivo Ventures III Fund is focused on investing in the life sciences sector, particularly at the intersection of advanced therapies, synthetic biology, and artificial intelligence. The fund is managed by Invivo Partners, based in Barcelona, Spain. The fund is strategically designed to propel the emergent field of synthetic biology and invest in pioneering companies that reflect Invivo’s expertise and belief in the transformative potential of deep tech to address critical healthcare challenges. The fund's target investments include early-stage life science companies that are at the forefront of innovation. With a majority of private investors and the backing of significant institutional investors, Invivo Ventures III is poised to make a substantial impact in the life sciences ecosystem. Initial investments range from 2-4M€, with follow-ons in portfolio companies up to 10M€ per company after meeting set milestones. Europe is the geographical focus, being Spain the main target.

Iron Wolf Capital has announced the first close of its second fund, securing $32.7 million with a target of $109 million. The fund focuses on early-stage investments in deeptech and AI startups across the Baltic region and its diaspora. Initial investments range from $545,000 to $2.18 million, with the firm often leading or co-leading funding rounds. The firm is recognized as one of the most active investors in the Baltics, having supported over 20 companies in the past five years. Its portfolio spans various sectors, including robotics, photonics, AI-driven education technology, pharmaceuticals, and climate technology. Iron Wolf Capital emphasizes backing exceptional founders with global ambitions and disruptive technologies. Beyond capital, Iron Wolf Capital contributes to the ecosystem through initiatives like the Baltic Deep Tech Report and the Deep Tech Breakfast Series, fostering collaboration and growth within the region's innovation landscape.

LAV Fund VII is a $547 million venture capital fund managed by Lilly Asia Ventures (LAV), a biomedical investment firm with offices in Shanghai, Hong Kong, and Palo Alto. The fund reached its hard cap in April 2025 and is structured as a Cayman Islands limited partnership. LAV Fund VII continues LAV's mission to support companies developing breakthrough products that treat diseases and improve human health. The fund targets early- to growth-stage investments in biopharmaceuticals, human therapeutics, medical devices, and diagnostics. The fund's limited partners include the San Francisco Employees' Retirement System, which committed $50 million.

Linden Capital Partners, a Chicago-based private equity firm specializing in healthcare, has successfully closed its sixth buyout fund, Linden Capital Partners VI, at $5.4 billion. This marks a major milestone, surpassing its $4.5 billion target and initial $5.0 billion hard cap. The fund secured $5.2 billion in LP commitments from investors in more than 20 countries, along with a $200 million general partner commitment. Fund VI will continue Linden’s long-standing strategy of investing in middle-market healthcare companies, with a focus on services, products, and distribution segments. The firm brings a disciplined approach to value creation, combining deep operational expertise, tailored growth strategies, and a unique human capital model to support long-term success. The fund's investor base includes major institutional investors such as the New York State Teachers’ Retirement System, Texas County & District Retirement System, Louisiana State Employees’ Retirement System, Sacramento County Employees’ Retirement System, and Fairfax County Educational Employees’ Supplementary Retirement System. The oversubscribed fund closed in under nine months, highlighting strong investor demand and Linden’s leadership in healthcare investing.

Matter Venture Partners has raised a $300 million first fund with a focus on ""hard tech"" investments. The fund aims to invest in companies that contribute to foundational technologies and trends that are built on hard tech. With backing from Kleiner Perkins and Taiwanese chipmaker TSMC, Matter Venture Partners invests at the large seed rounds, Series A and Series B. This venture capital fund focuses on six sectors: semiconductors, robotization, generative AI, manufacturing on-shoring and friend-shoring, energy building blocks, and life science automation. Within these sectors, the fund aims to invest in companies that provide the ""picks and shovels"" for these trends, as well as contribute to new innovations and technologies. Matter Venture Partners is looking to invest in between 15 and 20 companies with the new fund, with a goal to support portfolio companies across several rounds. The firm believes that the oversubscription of the fund is due to the increased realization of the importance of foundational hard tech technologies in today's society. The fund also prides itself on having operating partners, including Mel Tang, who provides expertise in operations, supply chain management, and manufacturing unit economics to support hard tech startups.

Mérieux Innovation 2 (MI2) is the second-generation venture capital fund managed by Mérieux Equity Partners, focused on advancing innovation in the healthcare sector. Building on the success of its predecessor, MI2 is designed to support early-stage companies with high-impact solutions across diagnostics, medical devices, and pharmaceutical services. The fund targets platform-based business models with validated proof of concept, offering scalability and long-term growth potential. MI2 combines capital investment with strategic guidance and access to a robust healthcare ecosystem, helping portfolio companies accelerate development and go-to-market strategies. MI2 has received the prestigious Tibi label, highlighting its commitment to driving technological innovation within France and the broader European healthcare landscape. It aims to generate strong returns while contributing meaningfully to patient care and clinical outcomes. The fund’s first investment is a €6 million commitment to DeepUll, a Spanish diagnostics company developing rapid sepsis detection technology. This aligns with MI2’s goal of supporting transformative platforms that address critical medical needs.

NewSpring Health Capital IV is a growth equity fund that targets high-growth, lower-middle market companies focused on technology-enabled healthcare services and niche clinical providers. The fund aims to invest in companies that influence healthcare by using technology and human capital in novel ways, with a focus on easing access to care, improving outcomes, and increasing efficiency while lowering costs. With a focus on proprietary deal flow, the fund has made investments in specialized pharmaceutical distribution services, sleep disorders management, cardiovascular staffing, dysphagia diagnostics, business process outsourcing services for behavioral health programs, and healthcare disclosure management technology and services. The fund's target investments are companies that evolve and shape high-impact sectors in healthcare. NewSpring Health Capital IV seeks to invest from $10 to $25 million in lower-middle market companies that have between $10 to $100 million in revenue at the time of investment. The fund has raised over $180 million and received strong support from existing and new investors, including a diverse group of strategics, financial institutions, and family offices. The fund is led by a team with extensive expertise in different segments of healthcare, including a team of advisory partners with deep industry experience. With a deep and growing deal pipeline of innovative healthcare companies, the fund will capitalize on the escalating opportunities and growing momentum within this segment of the market.

The Nexxus Private Equity Fund II (Nexxus II) will focus on supporting and accelerating the internationalization of Spanish and Portuguese SMEs within European and American markets. The fund closed in April 2024 at €241 million (around US$261 million). COFIDES is an LP in the fund. The fund will make between eight and ten investments and has a strategy that spans across a range of sectors such as manufacturing, pharmaceuticals, and retail. The fund will invest in Spanish and Portuguese companies and has a particular focus on the midmarket in these regions. The fund manager, Nexxus Iberia, has a track record of completing 32 investments and fully divesting 22 portfolio companies in the Spanish and Portuguese midmarket.

Omega Fund VIII is the eighth flagship investment vehicle of Boston-based Omega Funds, closed in July 2025 with $647 million in capital commitments—surpassing its initial target of $600 million thanks to strong support from both new and returning investors. Building upon Omega’s proven track record, Fund VIII continues to focus on early through later-stage life-sciences companies developing transformative therapeutics and platforms. The fund targets opportunities in oncology, immunology, rare diseases, medical devices, and precision medicine—therapeutic areas where prior Omega-backed firms have brought 52 products to market and delivered 50 exits via M&A plus 47 public listings. The fund maintains Omega’s dual-market investment strategy, supporting management teams in both the United States and Europe through company creation, early venture financings, and later-stage rounds. With its established network and seasoned operational expertise, Omega seeks to back breakthrough solutions addressing severe unmet medical needs, leveraging capital plus strategic guidance to shepherd companies from clinical milestones to commercial adoption and exit.

Pemberton Asset Management has closed its Mid-Market and Senior Loan Fund with €6.1 billion in committed capital, part of an €8.4 billion fundraising round that also includes its €2.3 billion Strategic Credit Fund III. This multi-strategy platform is designed to meet the capital needs of private equity sponsors and mid-market companies across Europe through flexible, senior-secured financing. The Mid-Market strategy targets asset-light businesses with strong cash flows and EBITDA between €15 million and €75 million. These companies generally have professional shareholders, experienced management teams, and operate in resilient, service-oriented industries. The Senior Loan strategy supports larger firms with EBITDA from €20 million to €100 million, offering conservative bank-style financing through senior secured loans ranging from €50 million to €250 million. Sector focus includes technology, outsourced business services, biotech, and life sciences—industries with strong contractual revenues and track records. The fund emphasizes stable, floating-rate returns while targeting core European economies such as France, Germany, the UK, Benelux, Nordics, and Southern Europe.

Quadria Capital Fund III is a growth-stage private equity vehicle focused on transforming healthcare systems across South and Southeast Asia. With $1.07 billion in commitments, the fund aims to build a diversified portfolio of approximately 10 market-leading companies, taking both significant minority and majority stakes. The fund has already deployed nearly 40% of its capital, including investments in Aragen Life Sciences, NephroPlus, and Maxivision Eye Hospital.The fund targets sectors such as healthcare delivery, life sciences, medical technology, and associated healthcare services. It seeks to invest in companies that provide high-quality, affordable healthcare solutions, leveraging technology and innovation to address the growing demand in the region. Quadria Capital's strategy includes partnering with exceptional healthcare businesses to enhance their impact and scale, while generating superior returns for investors.Quadria Capital Fund III has attracted a diverse group of investors, including sovereign wealth funds, asset managers, strategic corporates, and impact investors from North America, Europe, the Gulf Cooperation Council, and Asia. The fund's focus on healthcare transformation aligns with the increasing need for accessible and affordable healthcare services in rapidly growing markets.

Sofinnova Capital XI is the eleventh iteration of Sofinnova Partners’ flagship venture capital strategy, closing with €650 million in commitments. This oversubscribed fund reflects strong demand from a diversified global investor base, including sovereign wealth funds, corporates, insurers, foundations, and family offices. A majority of existing limited partners returned, alongside new institutional investors, underscoring confidence in the firm’s long-standing life sciences expertise.Focused on early-stage investing, Sofinnova Capital XI targets seed and Series A rounds in the biotechnology and medical device sectors. The fund is designed to take meaningful initial stakes and support portfolio companies through multiple financing rounds. This capital will fuel high-potential ventures working to transform scientific discoveries into patient-ready solutions, particularly in areas with significant unmet medical needs.The fund will invest across Europe and North America, leveraging Sofinnova’s presence in Paris, London, and Milan, as well as its networks in the United States. The cross-border investment team will source and nurture opportunities at the intersection of innovation and clinical translation. The firm’s hands-on approach includes company building, board-level involvement, and strategic guidance from preclinical development to commercialization.

Vivo Opportunity Fund III is the latest iteration of Vivo Capital's evergreen equity fund, structured in three-year investment cycles. With over $740 million in commitments, the fund continues its focus on small- and mid-cap biotechnology and life sciences companies, particularly those developing or commercializing novel therapies targeting unmet medical needs. The fund primarily backs preclinical and clinical-stage companies, aiming to realize value through scientific breakthroughs and pivotal clinical milestones. Vivo Capital employs a hybrid strategy that combines public market investing with a venture capital approach, leveraging the firm’s technical expertise to identify high-potential healthcare assets. Vivo has a strong track record, with previous Opportunity Funds supporting companies that have reached major inflection points, such as FDA approvals or strategic acquisitions. Noteworthy examples include investments in Verona Pharmaceuticals, Geron Corporation, and Soleno Therapeutics.