Biotechnology & Life Sciences

ARCH Venture Fund VIII is an early-stage venture capital fund managed by ARCH Venture Partners, focused on disruptive biotechnology, life sciences, energy, and materials companies. The fund closed above $400 million in August 2014, significantly exceeding its $250 million target. ARCH Venture Partners specializes in commercializing breakthrough technologies developed at academic institutions, national laboratories, and corporate research groups, co-founding companies alongside leading scientists and entrepreneurs.

ARCH Venture Fund XIII is ARCH Venture Partners' largest fund to date, closing at over $3 billion in September 2024. The fund focuses on founding and growing early-stage biotechnology companies that leverage AI-driven biological insights to prevent, detect, and cure disease. Early portfolio companies include ArsenalBio, Metsera, Mirador Therapeutics, and Xaira Therapeutics. Limited partners include Alaska Permanent Fund Corporation and Rockefeller Brothers Fund.

ARTIS TechBio II is a USD 200 million venture capital fund managed by ARTIS Ventures, a San Francisco-based firm founded in 2001 by Stuart Peterson. The fund closed on 14 December 2023 and is ARTIS Ventures' fourth fund overall and its second dedicated TechBio vehicle. ARTIS coined and trademarked the term TechBio to describe the convergence of technology and biology, and both TechBio funds operate under that exclusive mandate. Managing Partners Stuart Peterson and Vasudev Bailey lead the fund alongside Senior Partners Austin Walne and Ruchita Sinha. The fund invests at seed through Series B stages — with typical check sizes ranging from USD 2 million to USD 15 million with reserves for follow-on — in companies using data science, software, artificial intelligence, machine learning, and synthetic biology to transform human health and well-being. Six operating principles guide portfolio construction: global-scale platforms, underserved disease areas, system-wide care delivery innovation, founder diversity (over 60% of portfolio founders from underrepresented groups), perseverance in regulated industries, and specialised healthcare expertise. Portfolio companies are required to address measurable patient outcomes or health system efficiency gaps, reflecting the fund's impact-aligned mandate. The broader ARTIS Ventures platform spans TechBio I and II plus earlier general life sciences vehicles. Known portfolio companies across the platform include Freenome, Eko, Delix Therapeutics, Outpace Bio, Tessera Therapeutics, Rad AI, and Onto Health. ARTIS Ventures' exit track record includes Stemcentrx (acquired by AbbVie for approximately USD 10 billion), Lemonaid Health (acquired by 23andMe), YouTube (acquired by Google), Palantir (IPO), Aruba Networks (IPO), and Bloom Energy (IPO). TechBio II's early confirmed investments include Range Biotechnologies (seed, June 2023) and RightSite (January 2025), demonstrating active deployment across its life-sciences-meets-technology thesis.

Air Street Capital II is a $121 million AI-native venture capital fund managed by Air Street Capital, the London-based firm founded by Nathan Benaich. The fund closed on 6 September 2023 and represents the firm's second vehicle, more than tripling the $17 million raised for Fund I in 2020. Fund II backs AI-first companies at the earliest stages across North America and Europe, with a particular emphasis on foundational AI research translating into commercial products in technology and life sciences. Notable angel investors who supported the fund include Spotify co-founder Daniel Ek and Google DeepMind Chief Scientist Jeff Dean, alongside operators from OpenAI, Isomorphic Labs, Hugging Face, Recursion, and Wayve. The fund's investment strategy is built around a single conviction: AI founders deserve an AI-native investor. Air Street operates with a first-cheque, lead-round model, taking concentrated positions in a small number of high-conviction companies and maintaining long holding periods to allow compounding scientific discovery to translate into durable commercial value. Sectors in scope include applied AI, drug discovery, AI data infrastructure, computer vision, and AI-enabled healthcare and safety applications. The firm publishes the annual State of AI Report, giving its team structural insight into the frontier of AI capability and deployment. Fund II built on the track record established by Fund I, which backed portfolio companies including Allcyte (acquired by Exscientia in Nasdaq's largest-ever European biotech IPO), Valence Discovery (acquired by Recursion Pharmaceuticals to form Valence Labs), Intenseye and V7. With Fund II, Air Street expanded its investment universe to include AI unicorns such as Black Forest Labs and ElevenLabs, while generating further exits including Adept (acquired by Amazon) and Graphcore (acquired by SoftBank). Air Street Capital II was followed by the firm's record-breaking $232 million Fund III closed in March 2026, cementing Air Street as one of the largest solo GP venture firms in Europe.

Aldea Tech Fund II is the second fund of funds vehicle managed by Aldea Ventures, a Barcelona-based, certified B-Corp pan-European fund of funds manager. The fund targets a concentrated portfolio of specialist early-stage VC managers — primarily sub-€100M Micro-VCs and sub-€25M Nano-VCs — with deep domain expertise in frontier technology areas including AI, next-generation computing, climate tech, health and biotech, and robotics. The fund also makes a limited number of co-investment and secondary opportunities alongside its underlying managers. Aldea's strategy provides LP investors with diversified exposure to the emerging-manager ecosystem across Europe, with selective exposure to North American managers who help European founders expand internationally. Initial underlying fund commitments include Moonfire II, Amino II, Unruly Capital, Concept Ventures, First Commit, 201 Ventures, and Possible Ventures. The fund announced its first close at €50 million in April 2025 and is targeting a hard cap of €125 million. Aldea Ventures' first fund (launched 2020) raised approximately €87 million and backed 28 funds across 23 emerging VCs, resulting in exposure to over 1,000 portfolio companies, with 71% based in Europe and 25% in the US. Aldea Ventures is certified as a B-Corp and integrates ESG and impact considerations across its manager-selection process.

Alta Life Sciences Spain I FCR is a Spanish venture capital fund managed by AltamarCAM Partners focused on multi-stage financing of life sciences companies in Spain. The fund invests across biotechnology, biopharmaceuticals, medical devices, diagnostics, genomics, and digital health, from seed through late-stage rounds. It takes direct equity stakes alongside management teams and positions itself as a bridge between Spain's scientific ecosystem and international venture capital expertise. Registered with the CNMV (registration no. 203, ISIN ES0108631005), the fund had its first close in September 2016 and reached its final close in December 2019 at €79 million in total committed capital. The fund holds 9 portfolio companies and achieved a notable exit with Sanifit, acquired by Vifor Pharma for up to €375 million. As of October 2025, the fund is co-managed by Asabys Partners following the integration of AltamarCAM's Aliath Bioventures life sciences team into Asabys. The successor vehicle is ACP Aliath Bioventures II FCR. AltamarCAM Partners' main business is fund-of-funds and secondaries in private markets, making Alta Life Sciences Spain I FCR a direct VC carve-out within the broader platform.

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 is a New York-based venture capital firm founded in 2023 by Evan Rachlin, MD, and Lorence Kim, MD, two former Moderna executives who played pivotal roles in the company's transformation from a startup to a global vaccine leader. Rachlin served as Moderna's CFO from 2014 to 2020, raising $4 billion in capital and overseeing a 24-candidate development pipeline, while Kim was Head of Strategy at Moderna and later a Venture Partner at Third Rock Ventures. The firm closed its inaugural vehicle, Ascenta Capital Fund I, L.P., at $325 million in October 2025, making it one of the largest debut biotech VC funds raised by a newly formed manager. The fund is domiciled in Delaware and backed by a diverse institutional investor base spanning family offices, multi-family offices, endowments, foundations, and high-net-worth individuals. Ascenta Capital Fund I pursues a focused thesis centered on development-stage, multi-medicine biotechnology companies conducting Phase 1 and Phase 2 clinical trials. The fund deploys $15–30 million per investment, leading or co-leading syndicates into platform biotech companies with multiple drug candidates simultaneously in clinical development. The firm is deliberately therapeutic-area agnostic, prioritizing companies with asymmetric upside through multi-asset platforms rather than single-program startups. Beyond capital, Ascenta provides strategic guidance, drug development expertise, and connections derived from its team's cumulative experience across globally successful biopharmaceutical companies — including Merck, Vertex, and Flagship Pioneering — and top-tier financial institutions. As of the fund's final close, Ascenta Capital had deployed over $100 million across six portfolio companies: ADARx Pharmaceuticals (RNA therapeutics), Iambic Therapeutics (AI-driven oncology), Odyssey Therapeutics (oncology and immunology), Cardurion Pharma (cardiovascular disease), OrsoBio (metabolic diseases), and Alpha9 Oncology. These companies are collectively active in 14 clinical trials and advancing more than 40 pipeline programs. The firm's 14-person team — comprising eight investment professionals and three executive advisors — has collectively contributed to more than 30 FDA-approved medicines, providing the fund with deep operational credibility across drug development, regulatory strategy, and commercial execution.

Atlas Venture Fund XIV is a US$450 million early-stage venture capital fund launched by Atlas Venture, one of the leading life sciences VC firms based in Cambridge, Massachusetts. The fund completed its final close in December 2024 after an oversubscribed fundraising process that general partner Bruce Booth described as 'the smoothest, most efficient, and most oversubscribed fundraise' in the firm's 20-year history of biotech investing — noting the fund could have been raised at several multiples of its target. Fund XIV is led by general partners Kevin Bitterman, Bruce Booth, Michael Gladstone, David Grayzel, and Jason Rhodes, and was backed by a 'marquee group of long-term institutional investors.' The fund maintains an identical size to its predecessor, Fund XIII (US$450 million, closed February 2022), a deliberate choice rooted in the firm's capital discipline philosophy. Atlas Venture employs a distinctive 'seed-led venture creation model,' where the firm actively co-creates most portfolio companies rather than accepting unsolicited pitches. The partnership builds biotech companies based on scientific discoveries and technologies, typically securing 50-70% initial ownership stakes before dilution through subsequent financing rounds. Fund XIV targets seed and Series A investments in early-stage biotech companies across disease areas, treatment modalities, and business models, with a typical portfolio construction of 20-25 deals per vintage. The fund's capital-constrained approach reflects what Booth has termed the 'VC Math Problem' — larger funds face mathematical constraints in delivering targeted 3x+ net returns given realistic exit value distributions and ownership percentages at later stages. Atlas Venture manages approximately US$3 billion in total assets across all funds and has operated from a single Cambridge, Massachusetts office since its founding. Fund XIII demonstrated strong early performance with portfolio exits including the acquisition of the Nimbus Tyk2 program, Versanis Bio, Aiolos Bio, and Mariana Oncology, while also launching 16 new biotech businesses since 2022. The broader Atlas portfolio currently includes approximately 50 active clinical trials, reflecting deep scientific engagement across portfolio companies. Fund XIV's close came immediately before Atlas's September 2025 announcement of Opportunity Fund III (US$400 million), the two funds together constituting Atlas's dual-fund model for early-stage creation and later-stage follow-on capital.

Atlas Venture Opportunity Fund III is a US$400 million dedicated follow-on vehicle that complements Atlas Venture's flagship early-stage Fund XIV, completing its oversubscribed final close in September 2025. The fund was established to provide continuous capital support to existing Atlas portfolio companies as they advance through financing rounds beyond the seed and Series A stages where the flagship fund first invests, enabling Atlas to maintain meaningful ownership through key clinical milestones and regulatory events. General partners Kevin Bitterman, Bruce Booth, Michael Gladstone, and Jason Rhodes lead the fund, with Jean-François Formela and David Grayzel continuing as longtime partners. The fundraise came on the heels of Atlas's US$450 million Fund XIV (closed December 2024), reflecting the firm's structured dual-fund model for deploying early-stage creation capital alongside dedicated growth follow-on capacity. Unlike the flagship fund, Opportunity Fund III is not designed to make new investments outside the existing Atlas portfolio. Instead, it targets select later-stage private and public financings of existing portfolio companies — a hybrid strategy spanning late-stage private rounds (Series B, C, D) through public market follow-on investments in portfolio companies that have completed IPOs. This integrated approach enables Atlas to maintain concentrated ownership in its highest-conviction companies during their most capital-intensive phases of clinical development, regulatory review, and early commercialization. The fund also underscores Atlas's stated commitment to hands-on involvement beyond capital, providing strategic guidance and operational support alongside each financing. Known LPs in earlier Atlas funds include institutional investors such as New York State Teamsters Conference Pension and Retirement Fund, Penn Mutual Life Insurance Company, and Rutgers University. The Opportunity Fund series builds on Atlas Venture's more than 30-year track record in biotech venture capital, translating scientific discoveries into breakthrough therapies. Its predecessor vehicles (Opportunity Fund I and II) were deployed alongside earlier flagship funds to maintain concentrated positions in the firm's most promising portfolio companies through critical development phases. The broader Atlas portfolio managed approximately 50 active clinical trials as of late 2024, providing Opportunity Fund III with a well-populated pipeline of follow-on investment candidates across therapeutic areas and development stages. The fund's September 2025 close — nine months after Fund XIV — follows the firm's established pattern of raising opportunity vehicles in tight sequence with flagship closes to ensure continuous capital availability across the dual-fund model.

BV Healthcare Growth Innvierte I is a growth-stage healthcare investment fund managed by a joint venture between Buenavista Equity Partners (majority stake) and Columbus Venture Partners, both of which have deep specialization in the Spanish and European healthcare ecosystem. The fund completed its first close at 100 million euros in December 2024, reaching its original fundraising target, with a hard cap set at 150 million euros. The vehicle was structured under Spain's CDTI Innvierte co-investment programme, through which the Centre for Technological Development and Innovation committed 58 million euros to support the development of advanced therapies and innovative drug development in Spain. The fund targets 10 to 12 innovative healthcare companies primarily based in Spain that have reached the stage of approaching commercialization, combining low scientific or technological risk with high growth and scalability potential. Investment tickets of up to 15 million euros are deployed across pharmaceutical and biotech products, diagnostic solutions, precision medicine, medical devices, AI and digital health applications, manufacturing scale-up projects including CRO and CDMO services, and healthcare services. The fund focuses on bridging the funding gap between late-stage R&D completion and commercial launch, a segment historically underserved by both traditional venture capital and private equity in the Spanish market, which has lacked dedicated growth capital vehicles for health technology companies. The joint venture management team at Buenavista Equity Partners and Columbus Venture Partners brings a combined track record of 45 healthcare investments with reported net returns exceeding 30 percent IRR. BV Healthcare Growth Innvierte I's inaugural investment was in Syngoi, a CDMO specializing in synthetic DNA for advanced therapies, based in Zamudio, Bizkaia, reflecting the fund's commitment to companies at the intersection of biotechnology and industrial-scale production. Addleshaw Goddard advised Buenavista Equity Partners on the fund launch and structuring.

Battery Investment Partners XIV, L.P. is a parallel co-investment vehicle raised alongside Battery Ventures XIV, the fourteenth flagship fund of Boston-based venture capital firm Battery Ventures. The fund closed in July 2022 with approximately $94.6 million in committed capital from two institutional limited partners, including the Alaska Retirement Management Board. As a parallel feeder vehicle, Battery Investment Partners XIV co-invests on substantially identical terms to the main Battery Ventures XIV fund, providing specific institutional investors with a dedicated vehicle that accommodates their regulatory, tax, or mandate requirements. Battery Investment Partners XIV targets the same investment universe as the flagship Battery Ventures XIV fund: technology companies across application software, infrastructure software, consumer technology, and industrial technology and life science tools. The vehicle leverages Battery Ventures' nine-partner investment team and applies the same research-intensive methodology focused on backing technical founders from seed through growth buyout stages. The fund holds exemptions under Rule 506(b) and Sections 3C, 3C.1, and 3C.7 of the Investment Company Act, consistent with a parallel vehicle structure serving a concentrated group of institutional accredited investors. Battery Ventures has raised over $16 billion in capital since its founding in 1983, and Battery Investment Partners XIV forms one component of the firm's fourteenth vintage, which collectively raised more than $3.8 billion. The parallel structure complements the main Battery Ventures XIV vehicle ($3.04 billion) and Battery Ventures XIV EF ($38.5 million). Battery Management Corp. serves as the registered investment adviser (SEC CIK 160921) for all Battery XIV vehicles, operating from offices in Boston, San Francisco, Menlo Park, New York, London, and Tel Aviv. The general partner of record is Battery Partners GP XIV, LLC, the same GP entity overseeing all Battery XIV vehicles.

Battery Ventures XIV EF, L.P. is a companion investment vehicle raised alongside Battery Ventures XIV, the fourteenth flagship fund of Boston-based venture capital firm Battery Ventures. The fund closed in July 2022 with approximately $38.5 million in committed capital. The EF vehicle is structured under Section 3C.1 of the Investment Company Act, which limits the vehicle to up to 100 accredited investors, distinguishing it from the main Battery Ventures XIV fund which employs the broader 3C.7 exemption. This structure is consistent with a seed-stage or early-founders participation vehicle designed for a concentrated group of investors. Battery Ventures XIV EF employs the same investment strategy as Battery Ventures XIV, focusing on technology companies across application software, infrastructure software, consumer technology, and industrial technology and life science tools. The vehicle is managed by Battery Partners GP XIV, LLC, the same general partner entity overseeing all Battery XIV vehicles, and leverages the firm's nine-partner investment team. The EF designation aligns with Battery's practice of offering companion funds that allow specific groups of accredited investors, such as founders or early-stage specialists, to participate in early-stage investment opportunities alongside the main fund vehicle. Battery Ventures has raised over $16 billion in capital since its founding in 1983, and Battery Ventures XIV EF forms the smallest component of the firm's fourteenth vintage by committed capital. The XIV fund family collectively raised more than $3.8 billion across three primary vehicles: Battery Ventures XIV ($3.04 billion), Battery Investment Partners XIV ($94.6 million), and Battery Ventures XIV EF ($38.5 million), complemented by Battery Select Fund II ($530 million) for follow-on investments in existing portfolio companies. Battery Ventures XIV EF closed on July 15, 2022, completing the full Battery XIV fundraising cycle. Battery Management Corp. serves as the SEC-registered investment adviser (CIK 160921).

Battery Ventures XIV, L.P. is the fourteenth flagship fund raised by Battery Ventures, a Boston-based venture capital and growth equity firm founded in 1983. The fund held its initial close in March 2022 and completed its final close in July 2022, having raised approximately $3.04 billion in committed capital from 22 limited partners. Together with companion vehicles Battery Ventures XIV EF and Battery Select Fund II, the Battery XIV fund family raised more than $3.8 billion in total, representing one of Battery's largest fundraising cycles to date. Battery Ventures XIV deploys capital across all stages of technology company development, from early seed investments through majority-stake growth buyouts, employing a stage-agnostic approach refined since 1983. The fund focuses on four core technology sectors: application software including fintech and healthcare IT; infrastructure software spanning data, artificial intelligence, developer tools, and cybersecurity; consumer technology; and industrial technology and life science tools. The nine-partner investment team includes Neeraj Agrawal, Michael Brown, Morad Elhafed, Jesse Feldman, Russell Fleischer, Roger Lee, Zack Smotherman, Chelsea Stoner, and Dharmesh Thakker, applying Battery's research-intensive methodology focused on backing technical founders from inception to exit. The fund has a mandate to complete majority-growth investments and platform buyouts, continuing a practice Battery has pursued since 2008 across more than 17 platform companies. Battery Ventures XIV is domiciled in Delaware and the Cayman Islands, managed by Battery Management Corp., the SEC-registered investment adviser (CIK 160921). Confirmed limited partners include the Alaska Retirement Management Board, which committed $25 million at first close, and the Alaska Permanent Fund among 22 total institutional investors. Total committed capital in the main vehicle reached $3,042,078,283 as reported in the fund's SEC Form D filing. Battery Ventures has raised over $16 billion across its fund family since founding, with a track record spanning more than four decades and portfolio companies across the United States, Europe, and Israel.

Boost Alpha Fund is the inaugural investment vehicle of Boost VC, a San Mateo, California-based pre-seed venture capital firm and startup accelerator co-founded by Adam Draper and Brayton Williams in 2012. The fund is dedicated to backing founders building at the frontier of deep technology, with a portfolio spanning cryptocurrency and blockchain infrastructure, space exploration, artificial intelligence, robotics, virtual reality, and advanced biotechnology. Boost Alpha Fund embodies the firm's defining conviction thesis—accelerating the Sci-Fi future—targeting transformative technologies at their earliest commercially viable stages and backing unconventional bets that traditional investors systematically pass on. Boost Alpha Fund deploys capital through standardized $500,000 pre-seed investments in companies raising sub-$1 million rounds, typically at valuations of $3 million to $7 million. Investment is closely integrated with Boost VC's three-month accelerator program, which provides cohort companies with intensive mentorship, access to a dense network of industry experts and follow-on investors, and operational resources to accelerate from concept to fundable company. The fund's high-velocity, high-volume approach reflects a portfolio construction philosophy designed to maximize exposure to breakout outcomes in nascent, high-variance technology verticals. Across the broader Boost VC platform, portfolio companies have collectively raised over $5 billion in follow-on capital, with landmark investments including Coinbase, Magic Leap, Anki, and Improbable. Boost VC manages more than $200 million in assets under management across its fund series, with over 300 companies backed to date. Boost Alpha Fund's role as the first fund in the family established the accelerator's reputation as a generational entry point for founders pursuing the most ambitious, transformative, and technically demanding bets in deep technology.

Boost VC Deep Tech Fund 4 is an $87 million pre-seed venture capital fund managed by Boost VC, the San Mateo-based firm co-founded by Adam Draper and Brayton Williams that specializes in investing in what it calls science fiction technology. The fund reached final close in September 2025, bringing total Boost VC assets under management to $300 million across its fund series and over 400 active portfolio companies. Fund 4 targets pre-seed founders building breakthrough technologies across aerospace, nuclear energy, robotics, biotechnology, artificial intelligence, crypto, space, materials science, and ocean technology. The fund writes standardized $500,000 checks into pre-seed rounds at $3 million to $7 million valuations, leading approximately 70-plus companies per year. Boost pioneered the institutional deep-tech pre-seed model, becoming one of the first institutional investors in Bitcoin companies in 2013 before broadening to the full spectrum of science fiction technologies. Boost's first two vintage funds (2013 and 2016) delivered DPI of 2.15x and 4.35x respectively, on early bets in crypto and hard science. The firm's portfolio includes Coinbase (early investor), Deepgram ($1.3 billion valuation), Radiant Nuclear ($300 million raise), and Grid Aero ($20 million Series A). Portfolio companies have collectively raised over $5 billion in follow-on capital. Fund 4 is the latest and largest step in Boost's mission to accelerate the arrival of science fiction technologies.

Fonds National d'Amorçage 2 (FNA 2) is a €500 million government-backed fund-of-funds managed by Bpifrance, France's public investment bank. Created under the Programme d'Investissements d'Avenir (PIA) through a convention between the French State and Bpifrance signed on 28 December 2017, FNA 2 is the second generation of France's national seeding fund initiative, one of the largest government-sponsored seed VC fund-of-funds in continental Europe. The fund was initially capitalized with €250 million, with a further €250 million committed in a second tranche planned for 2020. FNA 2 invests in professionally managed seed venture capital funds that themselves back early-stage, high-growth technology companies in France. Eligible investee funds must prioritize French and European non-listed companies in strategic technological sectors including biotechnology and life sciences, digital technologies such as artificial intelligence, big data, cybersecurity, and fintech, as well as ecotechnologies. By 30 June 2020, FNA 2 had committed €93.3 million across five seed funds: Agrinnovation, PSL Innovation Fund, Frst 2, Technocom 3, and Pertinence Invest 2, serving as a cornerstone LP for emerging French fund managers seeking institutional validation. FNA 2 builds on the first Fonds National d'Amorçage, which established France's model for public seed fund catalysis. A third generation, FNA 3, endowed with €400 million under France 2030, has since been launched by Bpifrance and the Secrétariat Général pour l'Investissement, underscoring the program's sustained importance to France's innovation economy. Bpifrance manages the fund through its Fonds Propres division's fund-of-funds activity.

Bpifrance InnoBio is a dedicated EUR 173 million biotech and medtech venture capital fund managed by Bpifrance, the French public investment bank. Launched in 2009, InnoBio was established to address a structural financing gap for early- and mid-stage life sciences companies in France by mobilizing capital from Bpifrance alongside nine major global pharmaceutical companies as co-investors. The fund represents a cornerstone of Bpifrance's life sciences investment strategy, with an explicit mission to bridge the gap between academic research discovery and the early clinical development milestones required to attract broader institutional capital—a gap commonly described in the industry as the Valley of Death. InnoBio invests in early- and mid-stage French biotech and medtech companies, with a primary therapeutic focus spanning oncology, rare diseases, cardiovascular conditions, diabetes, neurology, ophthalmology, and infectious and inflammatory diseases. The fund targets companies in the pre-clinical through early clinical development phases, providing patient capital alongside Bpifrance's operational expertise in life sciences investment structuring. InnoBio supports portfolio companies through either IPO or strategic pharmaceutical partnership exits, reflecting the two primary exit pathways most relevant to the French biotech ecosystem and the preferences of its co-investing pharmaceutical limited partners. InnoBio has established itself as a reference vehicle in the French and European life sciences venture capital landscape, supporting numerous biotech and medtech start-ups through formative funding rounds. The fund's performance was sufficient to warrant the launch of InnoBio 2 in 2019, a EUR 203 million successor vehicle whose limited partners include Sanofi, Boehringer Ingelheim, Ipsen, Servier, Bristol Myers Squibb, and Takeda, confirming strong institutional conviction in the InnoBio strategy. Together, the InnoBio family represents one of the most significant private sector commitments to life sciences venture capital financing in France, managed through Bpifrance's dedicated biotech and medtech investment platform.

Bpifrance InnoBio 2 is a €203 million corporate venture capital fund co-managed by Bpifrance Life Sciences Venture, the dedicated life sciences investment arm of Bpifrance, France's national public investment bank. The fund achieved its final close in 2020, following a first close at €135 million in 2019. InnoBio 2 is the second in a series of co-investment vehicles co-sponsored by Bpifrance and leading global pharmaceutical companies; its predecessor, InnoBio (2009, €173 million), established the model of pooling corporate venture commitments alongside public capital to de-risk early biotech innovation in France. The LP syndicate for InnoBio 2 includes Bpifrance, Sanofi, Boehringer Ingelheim, Takeda, Ipsen, Servier, Bristol-Myers Squibb, and the European Investment Fund. InnoBio 2 focuses on companies in early clinical development or approaching clinical proof of concept, primarily at the Series A and Series B stages, with individual commitments up to €14 million per deal. The fund targets therapies in oncology, rare diseases, cardiovascular, diabetes, neurology and ophthalmology, and inflammatory and infectious disease indications. While France-centric, the fund can deploy up to 25% of its capital in other European biotech clusters. The corporate LP structure provides the dual benefit of patient capital plus direct access to commercial partners capable of in-licensing portfolio compounds, entering Phase III co-development agreements, or ultimately acquiring portfolio companies outright. The InnoBio franchise has been a cornerstone of Bpifrance's life sciences venture strategy for more than a decade, financing dozens of French biotech and medtech innovators. Bpifrance Life Sciences Venture is led by Laurent Arthaud and has built the InnoBio platform into one of the most active corporate CVC programs in continental Europe. Bpifrance manages approximately €30 billion in private equity and venture assets overall, with direct investments in more than 200 life sciences companies. InnoBio 2's nine-member pharmaceutical LP syndicate distinguishes the fund from purely financial CVC vehicles, providing portfolio companies with accelerated pathways to licensing deals, Phase III partnerships, and strategic exits with established global pharma counterparts.

Bpifrance Large Venture is a EUR 2.5 billion growth and late-stage venture capital fund managed by Bpifrance, France's state-backed public investment bank and the country's primary innovation financing institution. Established in 2014, Large Venture is one of the largest dedicated technology and life sciences growth funds in continental Europe, providing long-term patient capital to highly innovative companies — both publicly listed and unlisted — with validated business models operating at significant scale. The fund acts as an active shareholder with a long-term investment horizon, supporting companies that are ready to expand internationally or accelerate their competitive positioning across high-potential markets. Large Venture focuses exclusively on technology and life sciences sectors in France, participating in financing rounds above EUR 20 million with an initial ticket size of at least EUR 10 million. The fund co-invests as lead or follower alongside other leading European and international growth equity investors, covering a broad spectrum of sub-sectors including enterprise software, artificial intelligence, cybersecurity, fintech, healthtech, foodtech, greentech, and digital health. Investment decisions emphasize companies with demonstrated revenue traction, a clear path to market leadership, and the potential to reach Next40 or French Tech 120 designation. With a generalist approach across technology and life sciences, the fund is positioned to support France's most competitive scale-ups throughout their late-stage growth journey. Since its 2014 founding, Large Venture has built a portfolio of over 80 companies, including 12 members of the Next40 and 25 members of the French Tech 120. Notable portfolio companies include Doctolib (digital health), Contentsquare (digital analytics), Exotec (robotics and logistics automation), Owkin (AI for healthcare), Shift Technology (AI for insurance), Electra (EV charging), ManoMano (B2B construction), Swile (employee benefits), and Aqemia (AI drug design). The fund plays a catalytic role in France's technology ecosystem, co-investing with major international growth equity and crossover investors, while providing the stability and scale required by late-stage innovators preparing for IPO or strategic exits.

The Brain Tumor Investment Fund (BTIF) is the venture philanthropy arm of the National Brain Tumor Society (NBTS), the oldest and largest non-profit organization dedicated to improving outcomes for brain tumor patients in the United States. Established in 2020 and headquartered at 55 Chapel Street, Suite 006, Newton, Massachusetts, BTIF raises philanthropic capital and deploys it alongside private investors to incentivize biotechnology, pharmaceutical, and medical device companies to develop new treatments and diagnostics for brain tumors. The fund represents an innovative application of venture capital mechanics to disease-focused philanthropy, fusing the rigor of institutional impact investing with the mission-driven capital deployment of the National Brain Tumor Society. BTIF focuses exclusively on companies seeking pre-seed through Series A funding for brain tumor-specific assets and programs, including small molecules, biologics, and medical devices targeting brain tumor indications. The fund's investment thesis addresses the persistent gap between academic discovery at leading research institutions and commercially viable drug development—the Valley of Death—where philanthropic venture capital can de-risk programs that traditional investors would not fund at early stages. By deploying capital globally into companies developing treatments and diagnostics for brain tumors, BTIF functions as both a convener and catalyst for private sector investment into a systematically underserved therapeutic area, attracting co-investment from pharmaceutical and biotech strategic investors. Since its founding in 2020, the Brain Tumor Investment Fund has built a portfolio of approximately eight companies, demonstrating consistent and targeted deployment across its early-stage focus. The fund achieved a landmark exit in October 2024 when portfolio company Modifi Bio was acquired by Merck, validating the fund's ability to identify and support brain tumor assets through to commercial acquisition by a major pharmaceutical company. BTIF's investment activity is tracked by Crunchbase and Tracxn, which identify the fund as an active investor with two new investments in the twelve months preceding October 2025, demonstrating continued deployment momentum.

BrightEdge Fund is the impact investment and venture capital arm of the American Cancer Society (ACS), one of the oldest and largest voluntary health organizations in the United States. Operating under the ACS BrightEdge brand, the fund makes equity investments in for-profit, early-stage companies developing breakthrough cancer-focused therapeutics, diagnostics, devices, and enabling technologies across the full cancer care continuum. The fund's mandate bridges the gap between philanthropic capital and venture capital, deploying donor-backed investment capital to support innovations that deliver simultaneous scientific, social, and sustainable returns. BrightEdge Fund targets companies addressing unmet needs in cancer detection, treatment, patient support, and health equity. The investment strategy emphasizes translating promising scientific discoveries into actionable, scalable commercial solutions with durable impact potential. Portfolio decisions leverage the American Cancer Society's deep institutional expertise in oncology, its nationwide patient network, and its relationships with leading academic medical centers and clinical research institutions. The fund has made a total of 13 investments and operates with an active portfolio spanning oncology therapeutics, digital health, diagnostics, and cancer care technology. The fund's investor base is composed of founding philanthropic members — including Lyda Hill Philanthropies, Resonance Philanthropies, and Wood Next Foundation — alongside the ACS itself. BrightEdge is led by a dedicated team of 16 investment, innovation, and operations professionals, supported by the broader ACS platform. The fund publishes an annual report and maintains public disclosure of its investments through the ACS's website, offering greater transparency than most impact vehicle of this type.

CDP Venture Capital – Large Ventures Fund is Italy's first dedicated late-stage venture capital vehicle, managed by CDP Venture Capital SGR, the investment arm of Cassa Depositi e Prestiti. The fund held its first closing at €150 million in November 2022—anchored by CDP Equity as cornerstone investor plus €50 million from the government-backed co-investment fund of the Ministry of Enterprises and Made in Italy—and has since grown to €460 million in assets under management, well on its way toward its €700 million final fundraising target. Large Ventures is a generalist fund that invests across all sectors, deploying minimum €10 million tickets in Italian companies raising Series B and C rounds of €20 million or more, in co-investment with international partners. The fund also participates in capital-intensive Series A rounds in strategic areas including DeepTech and BioTech. Its mandate is to serve as an anchor investor that catalyzes foreign capital into Italy's late-stage tech ecosystem and provides Italian scale-ups with the capital density needed to compete internationally. The fund is classified as an Article 8 sustainable financial instrument under EU Regulation 2019/2088, reflecting a responsible investment framework aligned with European sustainability standards. As of the latest reporting period, Large Ventures manages a portfolio of six companies, reflecting a selective, high-conviction approach typical of late-stage venture investing. The fund is managed by CDP Venture Capital SGR from its registered office in Rome, with a second office in Milan, aligning with Italy's two primary innovation hubs. Its positioning as a cornerstone institutional LP in late-stage Italian rounds makes it the most significant domestic source of growth capital for Italian technology companies seeking to scale globally.

CDTI Innvierte is Spain's national venture capital co-investment programme, implemented through Innvierte Economía Sostenible SICC S.M.E., S.A., a closed collective investment company fully owned by CDTI Innovación (Centro para el Desarrollo Tecnológico y la Innovación), Spain's innovation agency under the Ministry of Science, Innovation and Universities. Launched in 2012, the programme has deployed over €384 million across more than 20 investment vehicles and into more than 250 innovative Spanish technology companies, making it one of the largest public venture capital initiatives in Southern Europe. The programme operates as a regulated entity supervised by Spain's National Securities Market Commission (CNMV). CDTI Innvierte pursues a dual strategy of fund-of-funds co-investment and direct technology company investment. Since 2019, the programme has partnered with CNMV-regulated venture capital entities, co-investing alongside private VC managers to support technology-based Spanish companies at various stages of growth. The programme also invests directly in technology transfer vehicles and high-growth strategic enterprises through dedicated sub-programmes, including the Innvierte Deep-Tech and Tech Transfer fund, and the Strategic Enterprise Investment line launched in 2022. Target investments span software, biotechnology, advanced manufacturing, and deep technology sectors, with a mandate to improve the commercialisation of research and help Spanish technology companies scale to international markets. CDTI Innvierte has maintained a steady deployment pace, allocating €126.5 million across 13 new co-investments and one investment vehicle in a recent two-month period alone. Notable recent transactions include backing for Next Technology Ventures II focused on critical energy transition solutions, and a €30 million commitment to the Innvierte Deep-Tech fund targeting paediatric health innovation. By partnering with leading Spanish and European venture capital managers, CDTI Innvierte aims to crowd in private capital, bridge Spain's technology commercialisation gap, and build a sustainable national innovation ecosystem underpinned by rigorous public sector governance and CNMV supervision.

The Co-Investment Fund (Fondo de Coinversión, FOCO) is a €2 billion public co-investment vehicle managed by COFIDES, Spain's state-owned development finance institution. Established under Spain's Recovery, Transformation and Resilience Plan (PRTR), FOCO mobilizes foreign and domestic private capital into strategic sectors of the Spanish economy as part of the country's green and digital economic transition. The fund operates as a permanent revolving instrument, reinvesting returns into new operations with indefinite duration, and is structured so that external co-investors must contribute at least the same amount as FOCO's own commitment in each operation, ensuring genuine private capital leverage. FOCO deploys between €10 million and €150 million per investment, either through direct equity stakes in companies or indirect investments via private equity and infrastructure funds. The fund always takes a minority position, with its participation never exceeding 49% of total capital in any single operation. Target sectors include renewable energy production, energy efficiency and decarbonization, electric mobility, digital transformation of businesses, sustainable infrastructure, biotechnology, and sustainable agriculture. All eligible investee entities must be registered in the European Union with operational presence in Spain, aligning FOCO's mandate with domestic economic development goals. FOCO made its first investment commitments in December 2024, approving €220 million across three operations managed by Azora Gestión, Eurazeo, and Hy24. Subsequent investments include an €80 million commitment to Cathay Innovation Fund III, a global innovation-focused fund, and a €90 million co-investment in Proeduca, the leading Spanish-language online higher education platform. COFIDES also deployed FOCO capital into Eysa, a sustainable urban mobility company, as co-investor alongside Tikehau Capital. With COFIDES managing over €3 billion in aggregate financial instruments including FIEX, FONPYME, and the Social Impact Fund, FOCO benefits from an experienced team with deep relationships across European private markets and access to a broad pipeline of co-investment opportunities aligned with Spain's strategic industrial and sustainability objectives.

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.

Cantos Ventures III is a 0 million early-stage venture capital fund managed by Cantos Ventures, a San Francisco-based firm founded by Ian Rountree. The fund closed in September 2022 and targets pre-seed and seed stage investments in what Cantos calls "near-frontier technology" — science-forward companies applying proven advances to solve critical global challenges. Cantos Ventures has built a reputation for backing technically ambitious founders from the earliest stages of company formation, operating at the intersection of deep science, critical infrastructure, and commercial viability. This is the firm's third fund, following two earlier vintages that delivered strong returns. Cantos Ventures III deploys capital across four primary verticals: climate technology and sustainable infrastructure, TechBio (synthetic biology, therapeutics, and biomanufacturing), aerospace and defense, and next-generation computing including quantum and biocomputing systems. The fund deliberately focuses on areas where technical risk is high but market risk is structurally low — companies whose success depends on solving hard engineering and science problems rather than predicting market adoption. By partnering with founders from pre-seed, Cantos aims to back category-defining businesses building platform technologies or full-stack solutions that could generate 0 to 00 billion in enterprise value. The strategy seeks to minimize market risk by targeting companies making essential commodities cheaper, reducing carbon emissions, advancing healthcare, or improving democratic security capabilities. Cantos Ventures III has made six investments since its September 2022 close, including The Lumber Manufactory (May 2024), applying advanced manufacturing to sustainable materials. Earlier Cantos funds have backed a portfolio of more than 50 companies spanning climate, life sciences, defense, aerospace, and materials science. The manager's thesis of backing founders working at the frontier of science and engineering has proven well-timed as institutional and government capital increasingly focuses on domestic manufacturing resilience, clean energy transition, and next-generation defense technology. Cantos Ventures has raised three consecutive funds, demonstrating repeatable fundraising success in a highly competitive early-stage landscape.

Clave Innohealth is a Spanish venture capital fund managed by Clave Capital, a Pamplona-based investment firm founded in 2001 with over 20 years of experience and more than 90 technology investments across its history. Clave Capital manages approximately €90 million across four verticals — Tech Transfer Food, Growth (industrial SMEs), Energy, and Tech Transfer Health — with Clave Innohealth as its dedicated healthcare-focused vehicle. The fund is registered with Spain's CNMV (ISIN ES0154433009) as a Fondo de Capital-Riesgo, anchored by CDTI through its Innvierte programme — Spain's public R&D investment initiative — which committed €40 million following a competitive selection involving 11 investment managers. The fund targets early-stage bio-health innovation in Spain and Europe, writing initial cheques of €500,000 to €1 million with follow-on capacity up to €3 million per company. It aims to back approximately 30–35 companies from inception through Series A, spanning medtech, digital health, e-health, health-nutrition, and biotech sectors. The fund opened a Barcelona delegation at the Barcelona Science Park, headed by Giacomo De Simone, a specialist in pharmaceutical innovation and venture capital previously at Vall d'Hebron Research Institute, to support broader European dealflow. A first close of approximately €50 million was announced in February 2023, against a target of €65 million and a hard cap of €80 million. Anchor LP capital beyond CDTI/Innvierte was provided by family offices linked to the health sector, pharmaceutical laboratories, financial investors, and academic institutions. The Innvierte anchor structure reflects the Spanish government's strategic priority to channel public R&D capital into early-stage health technology ventures, making Clave Innohealth a key vehicle for Spain's biohealth innovation ecosystem.

Columbus Innvierte Life Science I is the debut venture capital fund managed by Columbus Venture Partners, a Valencia, Spain-based life sciences investor founded in 2016 by Javier García and Damià Tormo. The fund was registered with the Spanish securities regulator CNMV (registration no. 190) and launched in April 2016 as part of Spain's Innvierte programme, a public-private co-investment initiative supporting early-stage innovation. The fund raised EUR 42 million and had an investment period running from 2016 to 2018, making seed and Series A investments in deep biotech and advanced therapy companies, primarily in Spain. The fund's strategy combined scientific expertise in therapeutic development with an industrial vision, targeting companies working on cell and gene therapies, AAV vector manufacturing, and other disruptive life sciences platforms. Columbus Venture Partners brought a distinctive approach of investing in both product development and the manufacturing infrastructure required to scale these technologies, thereby shortening time to exit. The geographic focus was Spain with international reach, co-investing alongside specialist international and corporate venture funds. The fund built a portfolio of eight investments and has since generated exceptional returns through landmark exits. Viralgen Vector Core was sold to Bayer in 2020 in a transaction valued at approximately EUR 4 billion. Vivet Therapeutics was acquired by Pfizer for an upfront and option value of EUR 560 million. Aura Biosciences completed a NASDAQ IPO in 2021. Columbus Venture Partners now manages over EUR 400 million across four successive funds, establishing itself as one of Spain's leading life sciences venture capital franchises.

Columbus Life Science Fund II (FCR) is a Spanish venture capital fund managed by Columbus Venture Partners SGEIC, S.A., a specialist life sciences VC firm headquartered at Ronda Guglielmo Marconi 8, Paterna (Valencia, Spain). The fund was registered with the Spanish Comision Nacional del Mercado de Valores (CNMV) under registration number 244 in February 2019, with a target capitalization of approximately EUR 70 million, and constitutes the second flagship fund in Columbus Venture Partners' life sciences fund family following Columbus Innvierte Life Science I (2016 vintage). It focuses exclusively on early-stage biotechnology and pharmaceutical innovation, targeting portfolio companies capable of advancing novel therapeutic or industrial biotech products toward clinical or commercial milestones. Columbus Life Science Fund II applies Columbus Venture Partners' distinctive investment model of combining therapeutic seed funding with hands-on infrastructure creation, working directly alongside early-stage founders to build the operational, regulatory, and manufacturing capabilities required to progress life sciences companies through their development stages. The fund typically leads seed-stage and early rounds in Spanish life sciences companies, providing not only capital but deep domain expertise across drug development, biologics, gene therapy, and biotech-enabled industrial applications. Its investment period ran from 2019 to 2021, during which the fund built a portfolio of nine companies operating across Spain's growing biotechnology sector. The fund reflects Columbus Venture Partners' proven model of specialization within Spanish life sciences, a strategy that has generated a strong track record of exits including AskBio, Aura Biosciences, Algenex, Viralgen, and Sanifit Therapeutics across its fund family. Columbus Life Science Fund II was followed by Columbus Life Sciences Fund III (2021, EUR 120 million) and Columbus Life Sciences Fund IV (2023, EUR 150 million), each successive fund raising at a significantly higher size, validating the manager's ability to deliver returns and build institutional LP confidence across successive fund cycles. Columbus Venture Partners is registered with the CNMV as fund manager under registration number 107.

Columbus Life Sciences Fund III (FCR) is a EUR 120 million Spanish venture capital fund managed by Columbus Venture Partners SGEIC, S.A., registered with the Spanish CNMV under registration number 326 in April 2021. The fund represents the third flagship vehicle in Columbus Venture Partners' life sciences fund series, raising nearly double the target capitalization of its predecessor Columbus Life Science Fund II (EUR 70 million, 2019), and reflecting growing institutional demand for specialist biotech and pharmaceutical venture exposure in Spain and broader Europe. The fund invests at seed and early stages in life sciences companies with strong scientific foundations and the potential to advance transformative therapeutic or industrial biotech products. Columbus Life Sciences Fund III applies the firm's distinctive model of combining targeted seed-stage capital with infrastructure creation, actively working alongside portfolio companies to build the operational, regulatory, and commercial capabilities needed to progress through development stages. Columbus Venture Partners has developed deep expertise across drug development, gene therapy, biologics, and biotech-enabled industrial applications, and invests primarily in companies based in Spain's growing biotech ecosystem with the ability to access international capital markets and clinical networks. The fund's investment period ran from 2021 to 2023, during which it built a portfolio of ten companies reflecting the firm's focus on early-stage innovations with high scientific differentiation. Columbus Life Sciences Fund III has been succeeded by Columbus Life Sciences Fund IV (2023, EUR 150 million), continuing the fund family's trajectory of increasing scale and institutional confidence. Columbus Venture Partners has generated a strong cumulative exit track record across its fund family, with notable realizations including AskBio, Aura Biosciences, Algenex, Viralgen, Sanifit Therapeutics, and the 2026 sale of Syngoi Technologies to Artis BioSolutions. The manager operates from the Valencia Technology Park in Paterna and has established itself as one of Spain's most active and recognized dedicated life sciences venture capital managers with over a decade of consistent activity in the sector.

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 is a specialized venture capital fund focused on deep tech life sciences, established in 2018 by Data Collective (DCVC) as a dedicated vehicle for early-stage investments at the intersection of computational biology, synthetic biology, artificial intelligence, and frontier biotechnology. The fund was co-founded and managed by Dr. Kiersten Stead and Dr. John Hamer, who joined from Monsanto Growth Ventures, alongside DCVC Managing Partners Matt Ocko and Zachary Bogue. DCVC Bio targeted $250 million in commitments, with a Form D notice of exempt offering filed with the SEC in May 2019. The fund's investment thesis centers on companies that harness fundamental science and deep technology to solve hard problems in human health, agriculture, and synthetic biology. DCVC Bio targets founders applying AI, computation, and biological engineering to drug discovery, crop protection, bio-based materials, and other life sciences applications that require deep interdisciplinary expertise. This approach reflects the broader DCVC philosophy of backing 'deep tech' — companies whose innovations are rooted in scientific and engineering breakthroughs rather than incremental software improvements. DCVC Bio's portfolio includes investments in AbCellera (antibody discovery; acquired by Eli Lilly), Creyon Bio, Umoja Biopharma, BioPhero, Elo Life Systems, MycoWorks (mycelium-based materials), and Sabanto (autonomous farming). The original DCVC Bio fund is closed; the platform has subsequently raised DCVC Bio II ($350M, 2020 vintage) and DCVC Bio III ($400M, 2024 vintage), demonstrating consistent LP demand and portfolio validation of the deep tech life sciences strategy. The fund is based in Palo Alto and San Francisco, California.

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.

DCVC VI is a $681 million venture capital fund managed by DCVC, a leading deep technology investment firm co-founded by Matt Ocko and Zachary Bogue and headquartered in San Francisco, California. Closed in 2022, the fund is the sixth in DCVC's series of flagship deep tech funds and continues the firm's exclusive focus on backing early-stage companies that apply cutting-edge computation, artificial intelligence, and engineering breakthroughs to major challenges in the physical world. DCVC VI follows DCVC V ($725 million, 2019) and forms part of a fund family that has deployed over $2 billion in flagship capital alone. The fund pursues early-stage and growth-stage investments in companies leveraging AI, advanced semiconductors, autonomous systems, computational biology, and simulation to disrupt large incumbent industries. DCVC VI's investment thesis spans agriculture, industrial manufacturing, energy, space, healthcare, defense, and advanced materials — sectors where computational approaches create durable structural advantages. Unlike generalist VC funds, DCVC requires deep technical diligence conducted by partners with domain expertise across hard-science disciplines, allowing the firm to back companies that most investors are ill-equipped to evaluate. Portfolio companies from this vintage include Mythic (application-specific AI inference chips), San Francisco Compute, and AlphaGeo (geospatial intelligence). DCVC manages approximately $4 billion in total capital across its flagship, life sciences (DCVC Bio), and climate technology (DCVC Climate) strategies, deploying capital at the intersection of advanced computation and physical industries. The firm's model — investing early when computational approaches first become viable for a given industry — has remained consistent across all fund vintages since its founding and has produced a portfolio spanning semiconductors, defense technology, agricultural robotics, computational biology, and enterprise software for hard industries.

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.

EIC Fund is the equity investment arm of the European Innovation Council (EIC), established in 2020 by the European Commission under the Horizon Europe research and innovation programme. Wholly owned by the European Union and operating with the investment advice of the European Investment Bank, the EIC Fund is one of Europe's largest public deep-tech venture investors, capitalised with over €4 billion to bridge the gap between public research grants and private venture capital for Europe's most innovative startups and scaleups. The fund's investment strategy targets high-risk, high-impact deep-tech innovators across all technology verticals — including semiconductor innovation, synthetic biology, quantum computing, advanced materials, space technology, digital health, and climate technology — at stages from seed to growth. Individual investments range from €0.5 million to €30 million, with the highest allocations reserved for EIC STEP Scale-up participants. The EIC Fund always co-invests on a matching (1:1) basis with qualified private sector lead investors, with portfolio companies raising an average of 3.5 euros in private co-investment for every euro committed by the EIC Fund. Since its establishment in 2020, the EIC Fund has completed more than 150 investment rounds, including over 60 in 2024 alone, and has collectively mobilised over €1.6 billion in private co-investment alongside its portfolio companies. The fund co-invests under the EIC Accelerator programme, which provides grants of up to €2.5 million alongside the equity component. The EIC Fund covers all EU member states and Horizon Europe associated countries, with a geographic priority on venture ecosystems that historically receive less private capital relative to their scientific output, making it a structurally important source of deep-tech deal flow for private co-investors across Europe.

EQT Foundation Fund is the dedicated impact investment vehicle of EQT Foundation, the philanthropic entity established as a long-term shareholder and strategic sponsor of EQT Group, one of Europe's largest alternative investment organizations. The fund launched investment activity in 2021 and operates as an evergreen vehicle — with no fixed fund term — providing catalytic, patient equity capital to early-stage companies developing breakthrough scientific and technological solutions to systemic challenges in climate and nature, health and wellbeing, and equality of opportunity. The EQT Foundation Fund is managed by EQT Foundation, headquartered in Stockholm, Sweden, and draws on the full resources of EQT's global network of senior industry executives, operational advisors, and sector specialists to support portfolio companies beyond capital alone. The EQT Foundation Fund's investment thesis is organized around three impact pillars. The Climate & Nature pillar targets companies that measurably reduce greenhouse gas emissions, remove carbon from the atmosphere, restore degraded ecosystems, or develop nature-based solutions with verified additionality and commercial scalability. The Health & Wellbeing pillar backs innovations in biotechnology, digital health, diagnostics, reproductive health, and medical technology that improve human health outcomes at scale — including companies addressing underserved medical conditions and healthcare equity gaps. The Equality of Opportunity pillar invests in companies that broaden access to quality education, skills development, economic mobility, and professional opportunity across underrepresented communities. The fund employs a catalytic capital approach, deliberately accepting higher early-stage risk in exchange for the potential for transformational, durable societal impact. Individual investments range from early seed-stage to growth equity, with the Foundation Fund typically acting as a minority co-investor alongside mission-aligned venture capital and impact funds. The EQT Foundation Fund portfolio spans more than 24 active companies across its three impact themes. Notable Climate & Nature investments include Living Carbon (engineered trees for enhanced carbon sequestration), Made of Air (biochar-based carbon-negative building materials), Noya (direct air capture technology integrated into industrial cooling towers), Patch (enterprise carbon credit procurement and management platform), Ducky (corporate carbon footprint measurement), and Qarbotech (agricultural carbon capture innovation). Health & Wellbeing investments include Vara (AI-powered mammography screening for breast cancer detection), Fertifa (fertility and family-forming employee benefits), ClexBio (scaffold-free bioprinting platform for tissue engineering), Biographica (AI-driven drug discovery), Molecular Attraction (targeted RNA delivery), Videm (digital therapeutic for chronic pain), and Syngular Technology (biosensor diagnostics). The portfolio reflects EQT Foundation's commitment to backing companies at stages where foundation capital can materially improve development timelines and long-term impact outcomes.

EQT Healthcare Growth is a dedicated healthcare growth equity strategy managed by EQT AB, the Stockholm-headquartered global alternative asset manager with over EUR 23 billion invested in more than 200 healthcare companies across three decades of investing. Introduced in January 2024, the fund represents EQT's first standalone dedicated healthcare vehicle, separating healthcare investments from the broader EQT flagship funds. The strategy is led by Maarten de Jong, with a 14-person investment advisory team that includes partners drawn from EQT Life Sciences, EQT Private Equity, and external firms including Moelis, GHO Capital, and TPG. EQT Healthcare Growth targets control investments in innovative, profitable, and fast-growing healthcare companies, predominantly in Europe, with equity tickets ranging from EUR 75 million to EUR 275 million. The strategy occupies the space between pure buyouts and venture capital, focusing on companies that have de-risked from a scientific standpoint and are at a pivotal stage of commercial scaling. Target subsectors include health technology, diagnostics, life science tools, biotech reagents, vaccine research, infectious disease therapeutics, and oncology diagnostics — areas where EQT has built deep expertise over three decades. Since its launch in 2024, the fund has made three investments: Mabtech (Sweden), a leading supplier of immunological research reagents for vaccine and infectious disease research; CluePoints (Belgium), a health technology company providing risk-based monitoring and data analytics for clinical trials; and Europa Biosite (Sweden, 2025), a life science tools distributor. These investments reflect a focus on profitable, asset-light healthcare businesses with strong recurring revenue and global expansion potential. The fund's total committed size is approximately USD 967 million per PitchBook.

The LSP Dementia Fund is a specialized venture capital fund managed by EQT Life Sciences (formerly Life Sciences Partners, LSP), one of Europe's most experienced healthcare investors with over 30 years of active fund management. Launched in January 2021 and achieving its final close in March 2023 at approximately €260 million — far exceeding its original €100 million target and reaching the fund's hard cap — the LSP Dementia Fund is the world's first dedicated investment vehicle focused exclusively on all stages of dementia drug and medical technology development. It is co-led by Professor Philip Scheltens, MD, PhD, professor emeritus at Amsterdam University Medical Center and one of the world's most recognized authorities in dementia research and clinical neurology. The LSP Dementia Fund invests across the full development spectrum of dementia therapeutics and medical technology, targeting biotechnology companies and medtech businesses working on disease-modifying therapies, diagnostics, digital health tools, and neuroscience platforms addressing Alzheimer's disease, Lewy body dementia, frontotemporal dementia, and related neurodegenerative conditions. The fund targets a portfolio of 10 to 15 companies and deploys equity capital from early research-stage to late-stage clinical development, bridging the funding gap that has long made dementia one of the most chronically underinvested therapeutic areas relative to its global disease burden. The fund's global mandate allows investment across Europe, North America, and internationally wherever the most promising dementia research is located. EQT Life Sciences, which integrated LSP in 2022, brings a 30-year track record of European life sciences investing, having raised approximately €3.5 billion across 12 private funds and supported more than 150 healthcare companies. The LSP Dementia Fund attracted a landmark investor base including the Alzheimer's Association, the European Investment Fund, global pharmaceutical companies, and insurance organizations — reflecting both commercial and mission-driven conviction in the fund's thesis. The fund's oversubscription and above-target close validate the thesis that dedicated, expert-led capital allocation to neurodegeneration addresses a critical gap in the global healthcare investment landscape.

Elevate Capital Commercialization Gap Fund 1 is an early-stage venture capital fund managed by Elevate Capital, Oregon's first inclusive venture fund, in partnership with Business Oregon and the Oregon Innovation Council. Launched in 2020 with $2.5 million in capital provided by the State of Oregon, the fund was designed to bridge the "valley of death" — the critical funding gap separating early scientific research from initial commercialization — a stage chronically underserved by traditional venture capital given the technology risk, long development timelines, and small check-size requirements. The fund deploys check sizes ranging from $50,000 to $250,000 per investment, targeting Oregon-based startups operating at the earliest stage of science-to-product translation. Priority sectors include life sciences and biotechnology, cleantech and sustainable resources, advanced manufacturing, and consumer health. Elevate Capital's inclusive investment mandate is embedded in the fund's deployment model: of the 15 portfolio companies funded, 29% are women-led ventures and 29% are led by BIPOC or immigrant founders, reflecting Elevate's commitment to closing systemic equity gaps in early-stage technology investment. Over a 12-month deployment period, the fund made 15 investments totaling approximately $1.75 million in disbursed capital. Portfolio companies subsequently raised more than $4 million in follow-on private investment and $4.5 million in additional grant funding, demonstrating a leverage ratio well above 3x on the original state investment. The Commercialization Gap Fund 1 established the foundational template for Oregon's CGF programme and validated Elevate Capital as the preferred manager for deep-tech commercialization investing.

Elevate Capital Commercialization Gap Fund 2 is an early-stage venture capital fund managed by Elevate Capital, in partnership with Business Oregon and the Oregon Innovation Council. Launched in 2022 with $4.5 million in state-provided capital — nearly double the size of its predecessor, the $2.5 million Commercialization Gap Fund 1 — the fund targets Oregon-based startups at the earliest commercialization stage: companies with breakthrough scientific or technological foundations that have not yet achieved the market traction or product maturity necessary to attract traditional venture capital investment. The fund deploys check sizes of $100,000 to $250,000 per company, with a target portfolio of 15 investments. Unlike purely financial VC vehicles, CGF 2 provides enhanced post-investment support, including active mentoring, network access, and introductions to downstream investors. Priority sectors include life science, cleantech and sustainable resources, advanced manufacturing, active lifestyle, and deep tech innovation. Elevate Capital's inclusive investment philosophy — supporting women, BIPOC, immigrant, LGBTQ+, and veteran founders — is a core element of the fund's mandate, continuing the equity-focused approach established in the first Commercialization Gap Fund. The fund builds on the validated model of CGF 1, whose 15 portfolio companies raised over $4 million in private follow-on capital after Elevate's initial investment. Oregon's Commercialization Gap Fund programme, administered by Business Oregon under the Oregon Innovation Council, is one of the United States' most active state-level technology commercialization investment initiatives, structuring fund management partnerships with private-sector VC managers to deploy public innovation capital efficiently and inclusively.

The Elevate Capital Innovation Gap Fund is Oregon's first public-private commercialization gap fund, managed by Elevate Capital, a Portland-based inclusive venture capital firm dedicated to funding underrepresented founders and science-based innovators across the state. The fund was launched in 2021 through a partnership between Elevate Capital and Business Oregon (Oregon's economic development agency), with co-sponsorship from the Oregon Innovation Council (Oregon InC) Commercialization Gap Fund program. It represents a pioneering public-private model designed to bridge the commercialization valley of death—the capital gap between early scientific discovery and first commercial demonstration—for deep-tech and research-based startups in Oregon's key traded-sector industries. The Innovation Gap Fund deploys capital into early-stage, science and research-based startups developing innovations in Oregon's priority sectors, including bioscience and life sciences, cleantech and sustainability, advanced materials, healthcare, and natural resources. The fund is managed through Elevate Capital's differentiated lens of investing in diverse and underestimated founders, with a strong emphasis on backing women-led, minority-led, and underrepresented entrepreneurs. The fund provides both financial capital and active mentorship and commercialization support, helping portfolio companies bridge from laboratory stage to first commercial demonstration and ultimately attract private venture capital. Check sizes range from USD 50,000 to USD 250,000, reflecting the fund's early-stage mandate. Since its launch, the Elevate Capital Innovation Gap Fund has built a portfolio of approximately 30 companies, including six startups funded in the first cohort across sectors such as healthtech, cleantech, and natural resources. Portfolio companies have collectively raised over USD 25.5 million in follow-on equity financing and secured USD 14.7 million in additional non-dilutive grant support, creating more than 151 jobs, with 104 based in Oregon. Approximately 58% of portfolio companies have diverse leadership, with 37% led by women and 43% led by minority founders. The fund's success led Business Oregon to select Elevate Capital as fund manager for a second Commercialization Gap Fund (Gap Fund II) in August 2022, continuing the public-private partnership model.

Elevate Capital Innovation Gap Fund I is an early-stage venture capital fund managed by Elevate Capital, a Portland, Oregon-based investment firm focused on supporting underserved and underrepresented entrepreneurs building companies in science, deep technology, and innovation. Launched in 2020 with support from the Oregon Innovation Council's Commercialization Gap Fund and Business Oregon, the fund addresses the critical financing gap that early-stage Oregon innovators face between initial research funding and the point at which commercial investors typically engage. The fund is designed as a "venture on-ramp" that provides capital and mentorship to science and technology founders at the most challenging stage of their development. The fund targets Oregon-based founders working at the intersection of research and commercial application, with investment tickets typically ranging from 0,000 to 50,000 per company. Sectors of focus include healthcare, life sciences, cleantech and sustainability, and natural resources — industries with strong research and development activity in Oregon's university and federal research ecosystem. The fund is particularly committed to supporting diverse founders: across its portfolio, 43% of companies are minority-led, 37% are women-led, and over 58% have diverse leadership overall, reflecting Elevate Capital's mission to ensure entrepreneurship is accessible to all communities in Oregon. Gap Fund I is closed and has made 11 investments into early-stage Oregon startups. Portfolio companies have collectively raised over 5.5 million in additional equity investment and attracted 4.7 million in non-dilutive grant support, generating more than 104 jobs in Oregon. The fund was succeeded by the Elevate Capital Innovation Gap Fund II (2022 vintage), which continued and expanded the model with additional support from Business Oregon's State Small Business Credit Initiative (SSBCI) program.

Elevate Capital Innovation Gap Fund II is an early-stage venture capital fund managed by Elevate Capital, a Portland, Oregon-based investment firm dedicated to supporting underserved and underrepresented entrepreneurs. Launched in 2022 as the successor to the 2020-vintage Gap Fund I, the fund continues Elevate Capital's mission of providing seed-stage capital to Oregon innovators working in science, deep technology, and commercialization of research-based discoveries. The fund is supported by Business Oregon through the Oregon Innovation Council's Commercialization Gap Fund program, reflecting a public-private partnership model aimed at strengthening Oregon's startup ecosystem and ensuring that innovative science reaches the market. The fund operates with the same investment philosophy as its predecessor: providing early capital at the commercialization gap stage, the critical period between laboratory research and revenue-generating commercial activity where traditional venture capital is typically unavailable. Investment tickets range from 0,000 to 50,000, targeting founders in healthcare, life sciences, cleantech, sustainability, and natural resources. The fund is designed to act as a venture on-ramp that helps founders access and prepare for downstream investment from larger commercial venture funds. Elevate Capital brings hands-on mentorship, network access, and institutional support to its portfolio companies alongside the financial capital. Elevate Capital has deployed Gap Fund I and II across a combined portfolio of 30 startups in Oregon, generating more than 5.5 million in additional equity raised by portfolio companies, 4.7 million in non-dilutive grant support, and more than 151 total jobs created — 104 of which are in Oregon. More than half of all jobs created went to women, minorities, LGBTQ+ individuals, and other underrepresented groups. Gap Fund II maintains the firm's commitment to backing diverse founders, with 43% minority-led and 37% women-led companies across the combined portfolio. Business Oregon further expanded its partnership with Elevate Capital through the State Small Business Credit Initiative (SSBCI) Venture Direct Program in subsequent years.

The SSBCI Venture Direct Program is a state-managed equity investment initiative administered by Business Oregon and managed by Elevate Capital, Oregon's first inclusive venture capital fund. Funded through the State Small Business Credit Initiative (SSBCI), a federal program authorized under the American Rescue Plan Act of 2021 with $10 billion in national allocation, the program deploys direct equity investments into early-stage startups based in Oregon. Elevate Capital, founded in 2016 by Managing Partner Nitin Rai, serves as the fund manager and brings its track record as the nation's first institutional venture capital fund primarily targeting underrepresented entrepreneurs, including women, BIPOC, and LGBTQ+ communities, as well as founders in regions with historically limited access to traditional venture capital. The program operates as a direct venture capital investment vehicle, with each SSBCI-funded investment requiring at least a 1:1 match from private co-investors at the time of deployment, effectively doubling the capital available to each Oregon portfolio company. A minimum of 40% of portfolio investments must be directed to businesses owned by Socially and Economically Disadvantaged Individuals (SEDI). The fund invests across healthcare, life sciences, cleantech, and sustainability sectors — reflecting Elevate Capital's existing domain expertise — while remaining open to other technology-driven opportunities across Oregon's startup ecosystem. The investment mandate builds on Elevate's prior success managing Business Oregon's Innovation Gap Funds I and II, earlier state-backed commercialization vehicles designed to close Oregon's funding gap for underserved early-stage companies. The SSBCI Venture Direct Program has allocated up to $15 million for direct equity investments over a four-to-six year deployment period. As of January 2026, Elevate Capital had deployed $1.6 million into five Oregon-based startups under the program, with additional investments continuing. The program is part of the approximately 84 state-level venture capital programs established using SSBCI funds across the United States, representing more than $3 billion in federal equity deployment nationally. Elevate Capital's selection as manager reflects Business Oregon's confidence in the firm's ability to identify and support underrepresented founders while building a diversified early-stage portfolio across the state's regions.

The Elevate Innovation Gap Fund is an early-stage venture capital programme managed by Elevate Capital, an inclusive venture capital firm headquartered in Portland, Oregon, and the first institutional-scale VC fund in the United States focused primarily on investing in underrepresented and underestimated founders. The programme was established to fill a critical capital gap in Oregon's startup ecosystem — providing early-stage funding to research-intensive and science-driven ventures that lack access to mainstream venture capital due to geography, founder background, or the nature of their technology. The programme has been deployed across two vehicles — Innovation Gap Fund I and Innovation Gap Fund II — with a combined $7 million in assets under management invested across 30 Oregon-based portfolio companies. Sectors of emphasis include healthcare and life sciences, cleantech and sustainability, and natural resources technology, all aligned with Oregon's designated traded-sector industries that carry the highest potential for exporting economic value and creating quality employment in the region. Over 58% of portfolio companies have diverse leadership teams, with 37% led by women and 43% by minority founders — among the highest diversity metrics in institutional US venture capital. Elevate Capital was founded in 2016 and has since grown beyond the Innovation Gap Fund programme to manage the Oregon State Small Business Credit Initiative (SSBCI) Venture Direct Program, a federally funded state-managed capital facility targeting at least 40% participation from socially and economically disadvantaged individuals (SEDI). Business Oregon selected Elevate to manage the SSBCI programme based on demonstrated performance managing the Innovation Gap Funds and its deep-rooted network within Oregon's entrepreneurial community. The Elevate Innovation Gap Fund serves as a replicable model for mission-driven, geographically focused early-stage venture investing with measurable economic and social impact.

Episode 1 Fund III is the third flagship early-stage vehicle raised by Episode 1, the London-based venture capital firm specialising in pre-seed and seed investments into primarily UK-founded, B2B technology companies. Closing at £76 million ($95 million) in February 2024, the fund represents a significant step up from the firm's previous vehicles and marks Episode 1's most institutionalised raise to date, with British Patient Capital and the National Security Strategic Investment Fund (NSSIF) as cornerstone limited partners. The fund deploys check sizes of between £250,000 and £3 million per initial investment, targeting 10–15 new commitments per year, principally in companies at the pre-seed or seed stage. Episode 1's sectors of focus span artificial intelligence and machine learning, software infrastructure, techbio and life sciences, open-source tooling, healthtech, and marketplace businesses. While the fund prioritises UK-based founders, it considers early-stage companies with a strong UK presence from elsewhere in Europe or the United States. Approximately 25% of investments are sourced through proprietary data-driven tools that track founder trajectories and company signals. Since Episode 1's founding, the firm has backed over 69 portfolio companies and achieved notable exits including Fatmap (acquired by Strava), Passfort (acquired by Moody's Analytics), Feedr (acquired by Compass Group), Touch Surgery (acquired by Medtronic), and Atlas (acquired by Meta). Fund III's limited partner base includes institutional investors British Patient Capital, NSSIF, and Molten Ventures, as well as more than 21 founder-investors who were previously backed by Episode 1—a co-investment community that the firm has cultivated as a structural sourcing and value-creation advantage.

The Fondo de Co-inversión (FOCO), or Co-investment Fund FOCO, is a €2 billion public co-investment vehicle created by the Spanish government and managed by COFIDES (Compañía Española de Financiación del Desarrollo). The fund was established under Royal Decree Law approved on December 27, 2023 and officially launched in April 2024, mobilizing capital from the European Union's Next Generation EU instrument to catalyze private foreign investment into Spain's strategic sectors. FOCO's investment mandate focuses on equity and quasi-equity co-investments alongside foreign strategic partners, targeting transactions between €10 million and €150 million per operation. The fund operates exclusively as a minority investor, with total public capital capped at 49% of any given operation, and always co-invests with a foreign partner. COFIDES can deploy capital directly into companies or through financial vehicles and funds. Target sectors include renewable energy and energy efficiency, decarbonization, electric mobility, digitalization, sustainable infrastructure, biotechnology, and sustainable agriculture. FOCO is structured as a permanent revolving fund — all investment returns are reinvested to extend the fund's investment capacity over time. Among its initial approved investments, the fund committed capital to SWEN Capital Partners for a biomethane fund (€50 million) and Proeduca for education (€90 million), with a total initial portfolio of €220 million across three transactions approved in its first operational months.

FPV Fund I, L.P. is a $457 million early-stage venture capital fund raised by FPV Ventures, a Jackson, Wyoming-based firm co-founded by Wesley Chan and Pegah Ebrahimi. The fund held its final close in June 2022, attracting commitments from 172 investors including foundations, universities, hospitals, and research organizations. FPV Ventures is recognized for backing 'missionaries, not mercenaries' — founders who build companies driven by deep mission conviction rather than short-term financial incentives. The fund's investment mandate spans seed and Series A rounds, with sector exposure concentrated in enterprise software, healthcare technology, biotechnology, financial technology, developer tools, and education technology. FPV Ventures brings an operator-first perspective: co-founder Wesley Chan previously launched Google Analytics at Google Ventures, while Pegah Ebrahimi served as Chief Operating Officer of Morgan Stanley's Technology Banking division, giving the team exceptional insight into both product development and capital markets. Notable portfolio companies backed through Fund I include Canva (design software, Australia), Flexport (supply chain logistics), and Guild Education (workforce learning platform). The strong portfolio performance validated the mission-driven investment thesis, and FPV has commenced fundraising for its successor, Fund II, with a Form D filing submitted to the SEC in February 2025.

Fonds Impulsion is a CAD $200 million venture capital fund managed by Investissement Québec, a Quebec provincial government-owned investment institution headquartered in Montreal. Launched in October 2025, the fund consolidates capital from the former Impulsion PME program—suspended on 12 November 2024—into a dedicated pre-seed and seed investment vehicle. At launch the fund comprised approximately CAD $65 million already deployed in Impulsion PME portfolio companies and approximately CAD $135 million available for new investments. An additional CAD $50 million from the SQRI2 2022-2027 envelope announced in Quebec's 2025-2026 Budget Plan contributed to the total capitalization. Fonds Impulsion invests in innovative Quebec-based technology companies at the pre-seed and seed stages. Investissement Québec typically commits between CAD $250,000 and CAD $2 million per company in exchange for equity stakes of 5% to 20% of capital. Over a planned four-year deployment horizon, the fund targets support for approximately 60 young technology companies distributed across the province of Quebec. Eligible companies benefit not only from capital but from operational guidance, as incubators, accelerators, and industrial research sector groupings assist Investissement Québec in evaluating candidates and ensuring alignment with specialized support organizations and value-added co-investors. The fund continues the mission of the Impulsion PME program, which supported more than 60 early-stage technology companies across Quebec during its operational period. Fonds Impulsion represents Investissement Québec's flagship early-stage technology investment initiative, reinforcing the province's commitment to nurturing a deep ecosystem of innovative startups with high growth potential.

Forbion Growth Fund III is a late-stage life sciences growth fund managed by Forbion, a specialist European venture capital firm headquartered in Naarden, the Netherlands, with offices in Munich, Germany and Boston, United States. The fund targets later-stage biopharmaceutical companies developing novel therapies in areas of high medical need, focusing on European and North American clinical-stage assets with significant near-term catalysts. The fund is part of Forbion's Growth strategy, which provides private growth capital to clinical-stage biopharma companies, crossover financing to companies preparing for public listings, and opportunistic capital to undervalued public biopharmaceutical companies. Forbion typically leads investment rounds and secures board representation to support portfolio companies through key clinical and regulatory milestones. Therapeutic areas of focus include oncology, rare diseases, immunology, and cardiovascular and metabolic conditions. Forbion has built a substantial track record in European life sciences growth equity, with total assets under management exceeding €5 billion following the close of its latest fund vehicles. The Growth franchise, of which this fund is a part, has backed European biopharma companies including Gyroscope Therapeutics (acquired by Novartis), and has attracted institutional investors spanning Dutch pension advisors, global asset managers, pharma strategic investors, and international fund-of-funds. Forbion's in-house scientific expertise and deep European academic network underpin its ability to identify and support best-in-class clinical-stage therapeutic assets.

Forbion Growth Opportunities Fund II is a €600 million life sciences growth fund managed by Forbion, the Netherlands-based specialist venture capital firm headquartered in Naarden with offices in Munich and Boston. The fund reached its hard cap and completed its final close in April 2023 as part of a simultaneous €1.35 billion raise alongside Forbion Ventures Fund VI. New institutional investors joining the fund included Amundi and Legal & General Capital, complementing existing backers Dutch pension funds PME and PMT, Pantheon Ventures, and Eli Lilly and Company. The fund focuses on later-stage European biopharmaceutical companies developing novel therapies in areas of significant unmet medical need, with selective exposure to North American crossover opportunities. Forbion leads investments of up to €70 million per company, taking board seats and providing active support through clinical milestones and liquidity events. Primary investment areas span oncology, rare diseases, immunology, and other clinical-stage therapeutic categories. As of its final close in April 2023, the fund had already made four portfolio investments, demonstrating rapid capital deployment aligned with Forbion's established deal pipeline. Forbion Growth Opportunities Fund II is the second vehicle in the Growth Opportunities franchise, following Fund I (€360 million, 2021). The strategy reflects Forbion's systematic approach to late-stage biopharma investing, leveraging scientific expertise, an extensive network in European academic institutions, and privileged access to global crossover investors. The institutional LP base spanning pan-European asset managers, strategic pharma investors, fund-of-funds, and pension allocators underscores strong demand for European life sciences growth equity.

Forbion Growth Opportunities Fund III is a €1.2 billion late-stage life sciences growth fund managed by Forbion, one of Europe's leading specialist venture capital firms, headquartered in Naarden, the Netherlands, with additional offices in Munich, Germany and Boston, United States. The fund reached its hard cap in October 2024, marking Forbion's largest single fundraise and pushing the firm's total assets under management beyond €5 billion across more than 128 historical investments and a team of over 30 investment professionals. The fund backs later-stage biopharmaceutical companies in Europe and North America that are advancing novel therapies in areas of high medical need. Forbion deploys three integrated strategies: providing private growth capital to clinical-stage biopharma companies, offering crossover financing to companies approaching public listings, and deploying capital opportunistically into undervalued public biopharma assets. Investment sizes reach up to €70 million per company, with Forbion typically leading rounds and taking board representation. Therapeutic areas include oncology, rare diseases, immunology, neurology, and cardiovascular and metabolic conditions. The fund targets a portfolio of approximately 15 companies. Forbion Growth Opportunities Fund III builds on Fund I (€360M, April 2021) and Fund II (€600M, April 2023), both of which achieved their hard caps. Prior portfolio companies have included Gyroscope Therapeutics, acquired by Novartis. Institutional investors include Dutch pension advisor MN. The fund's thesis reflects Forbion's conviction that Europe's clinical-stage biopharma ecosystem, combined with access to global crossover markets, offers differentiated risk-adjusted returns for sophisticated life sciences investors.

Forbion Ventures Fund VI is a €750 million early-stage life sciences fund managed by Forbion, the Netherlands-based specialist venture capital firm headquartered in Naarden with offices in Munich and Boston. The fund closed at its hard cap in April 2023 as part of a simultaneous €1.35 billion raise alongside Forbion Growth Opportunities Fund II, the largest combined close in Forbion's history at that time. Returning investors scaled their commitments and were joined by new institutional allocators including the Scott Trust Endowment, Pictet Alternative Advisors, Loyola University of Chicago, and Dutch pension funds PME and PMT. Forbion Ventures Fund VI is designed to build a diversified portfolio of innovative therapeutics-focused biotech companies, spanning both existing companies and newly created ventures co-founded by Forbion around assets sourced from pharmaceutical companies or academic institutions. This company-building approach—where Forbion actively contributes to the formation and early governance of portfolio companies—distinguishes the Ventures strategy from conventional early-stage VC. The fund targets approximately 15 companies across oncology, rare diseases, immunology, and high-impact therapeutic areas, primarily in Europe with selective North American exposure. The fund continues the lineage of Forbion's flagship early-stage program, which has built a portfolio of over 40 companies including Beacon Therapeutics, Azafaros, AIRNA, Amphista Therapeutics, AM-Pharma, CatalYm, and Citryll. Predecessor vehicles have produced multiple successful exits and IPOs, establishing Forbion as one of Europe's most active and respected early-stage life sciences venture investors. The fund's company-building thesis positions it at the intersection of scientific innovation and commercial biotech development.

Forbion Ventures Fund VII is an early-stage life sciences venture capital fund managed by Forbion, the leading European biopharma-focused investment firm headquartered in Naarden, Netherlands, with offices in Munich and Boston. Closing in October 2024 at €890 million — making it one of the largest European life sciences VC funds of its vintage — Fund VII is the seventh iteration of Forbion's flagship ventures strategy, which has been operating since the firm's spinout from ABN AMRO Capital Life Sciences in 2006. Forbion manages approximately €5 billion in assets across eleven funds. Forbion Ventures Fund VII targets early-stage and emerging biotech companies, investing from pre-clinical through early clinical development stages (Seed, Series A and Series B), including the creation of NewCos built around validated drug targets from pharmaceutical companies and experienced management teams. The fund applies Forbion's differentiated company-building approach to address high unmet medical needs across oncology, central nervous system disorders, immunology and inflammation, cardiovascular and metabolic diseases, ophthalmology, respiratory diseases, rare and genetic disorders, and nephrology. The expected portfolio comprises approximately 15 biotech companies across Europe and North America. The fund was raised from a strong institutional LP base, including MN, the Dutch pension asset management firm that committed €210 million combined across Fund VII and Forbion's Growth Opportunities Fund III on behalf of the Dutch pension funds PMT, PME, and MITT. The European Investment Fund has been a historical Forbion LP. With more than two decades of biopharma-focused investment, Forbion brings sector-specific scientific diligence, deep industry relationships, and a consistent track record in creating and scaling therapeutics companies from inception through late-stage development and public markets.

Forbion Growth Opportunities Fund I C.V. is a late-stage life sciences growth equity fund managed by Forbion, the leading European biopharma investment firm. The fund closed its final round in April 2021 at €360 million — significantly above its original target of €250 million and at the hard cap — with a first close of €185 million in July 2020. Structured as a Dutch commanditaire vennootschap (limited partnership), it represents Forbion's dedicated growth strategy vehicle, designed to complement the firm's early-stage ventures franchise. The fund pursues three distinct investment approaches within the European biopharma ecosystem: providing private growth capital to established clinical-stage biotechs with Phase II and Phase III assets; offering pre-IPO crossover capital to companies approaching a near-term public listing; and deploying targeted capital into temporarily undervalued publicly-listed biotech companies. Each investment is sized up to approximately €35 million, with a target portfolio of 10 to 12 companies. The fund's focus on late-stage therapeutic development with well-defined clinical catalysts is designed to offer a shorter capital deployment and return cycle than traditional early-stage VC vehicles, while still benefiting from Forbion's deep scientific diligence and sector expertise. Early portfolio investments included SynOx Therapeutics (Ireland), New Amsterdam Pharma (Netherlands), and Gyroscope Therapeutics (UK) — the last of which was acquired by Novartis, marking the fund's first significant exit. The fund attracted a diverse institutional LP base including Pantheon, Eli Lilly and Company, the Belgian Growth Fund, New Waves Investments, Wealth Management Partners, KfW Capital (the German government development bank), and the European Investment Fund via the European Recovery Programme (ERP). Together, these LPs represent a broad cross-section of strategic pharma investors, government development institutions, and asset managers, underscoring the fund's credibility as a growth-stage biopharma vehicle in the European market.

Foresite Capital Fund V, L.P. is a multi-stage healthcare and life sciences venture capital fund managed by Foresite Capital, a San Francisco-based investment firm founded in 2011 by Dr. Jim Tananbaum. Closing in February 2021 at $775 million — above its initial target — Fund V represents the fifth flagship vehicle in Foresite's franchise, which collectively manages approximately $4 billion in assets across the full continuum of healthcare innovation. The fund's strategy spans the entire development arc of healthcare companies, from early incubation and seed-stage biotech to late-stage clinical companies and public equity. Fund V focuses on precision medicine, therapeutics, genomics and life science infrastructure, including the data science and automation tools that underpin modern drug discovery. Foresite applies deep scientific diligence alongside capital markets expertise, given the firm's unique position investing through IPO and into the public markets — a hybrid approach that distinguishes it from purely private-market VC funds. Portfolio investments from Fund V include 10x Genomics, Element Biosciences, Relay Therapeutics, Lyell Immunopharma, and Inscripta. Foresite Capital Fund V was seeded by a diverse base of institutional investors including university endowments, public and private pension funds, insurance companies, foundations, corporate investors, and prominent family offices worldwide. By the date of the final close, the firm's track record encompassed more than 47 IPO events and 28 M&A exits. The fund is domiciled in Delaware and was registered with the SEC under CIK 1822711.

Foresite Capital Opportunity Fund V, L.P. is a dedicated follow-on investment vehicle managed by Foresite Capital, the San Francisco-based multi-stage healthcare venture capital firm. Closed concurrently with Foresite Capital Fund V in February 2021 at $193.75 million, the Opportunity Fund represents a targeted co-investment sleeve designed to make concentrated, higher-conviction incremental positions in the highest-quality companies in Fund V's portfolio as they approach IPO and beyond. The Opportunity Fund's strategy is complementary to the flagship Fund V: rather than building a new portfolio from scratch, it selectively adds capital to existing portfolio companies at critical inflection points — typically late-stage clinical milestones, pre-IPO financings, or crossover rounds — where Foresite's scientific and capital-markets diligence has already been performed. This structure allows LPs to concentrate exposure to Foresite's highest-conviction holdings while maintaining liquidity flexibility, a key advantage in the healthcare sector where development timelines and go-public windows can be uncertain. Target sectors mirror the flagship fund: precision medicine, therapeutics, genomics, digital health, and life science data infrastructure. Together, Foresite Capital Fund V and the Opportunity Fund V raised a combined $968.75 million (reported publicly as approximately $969 million), reflecting strong demand from a global LP base including public pension funds, university endowments, foundations, and family offices. The Arizona State Retirement System was among the LPs confirmed in public disclosures. The fund is structured as a Delaware limited partnership and registered with the SEC under CIK 1792205.

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.

Frazier Life Sciences XII, L.P. (FLS XII) is a $1.3 billion venture capital fund managed by Frazier Life Sciences, a Palo Alto-based investment firm specializing exclusively in biopharmaceuticals and life sciences. Founded with its first dedicated venture fund in 2016, the firm has grown into one of the most active life sciences venture investors in the United States, consistently backing company creation and early-stage private biotech and pharmaceutical programs. Fund XII is Frazier's largest vehicle to date, representing more than a 30% increase over its predecessor, Frazier Life Sciences XI ($987 million, 2022 vintage), and doubling the $617 million raised for Fund X in 2020. FLS XII focuses on company creation and early-stage investment in private biopharmaceutical companies developing novel therapeutics to address significant unmet medical needs. The fund pursues opportunities at the company creation, seed, and Series A stages, working closely with founding teams to transform early-stage science into clinically validated programs. Frazier Life Sciences operates from four major U.S. biotech hubs — Palo Alto (headquarters at 1001 Page Mill Road), San Diego, Seattle, and Boston — providing broad geographic deal origination across the principal centers of biopharma innovation in North America. Frazier Life Sciences XII held its final close on July 31, 2025, having raised over $1.3 billion in capital commitments from a mix of longstanding and new limited partners, closing oversubscribed relative to its initial target. The fund's oversubscription reflects sustained institutional confidence in Frazier's company-creation model at a time when investors have become more selective about early-stage life sciences exposure. In 2024, the firm was among the most active venture investors in private life sciences companies, participating in 17 private company financings. Managing Partner Patrick Heron leads the firm's investment team, which pursues a disciplined thesis centered on proprietary company creation alongside externally sourced early-stage opportunities.

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

The George Shultz Innovation Fund is a seed-stage venture investment program managed by the Polsky Center for Entrepreneurship and Innovation at the University of Chicago. Named in honor of George Pratt Shultz (1920–2021), U.S. Secretary of State and University of Chicago alumnus, the Fund embodies his conviction that scientific knowledge and entrepreneurial initiative are the twin engines of lasting societal progress. The Fund provides equity investments of up to $250,000 to early-stage technology ventures emerging from the University of Chicago, Argonne National Laboratory, Fermilab, and the Marine Biological Laboratory. Its investment mandate spans deep technology, life sciences, healthcare, and applied sciences, with a particular emphasis on helping academic scientists and engineers make the transition from laboratory research to scalable commercial enterprise. The Fund operates within the UChicago innovation ecosystem, complementing other Polsky Center programs including the New Venture Challenge and the Innovation Fund Associates Program. Since its inception, the George Shultz Innovation Fund has backed more than 90 companies. Notable exits include ExplORer Surgical, acquired by Global Healthcare Exchange, and Super.Tech, acquired by ColdQuanta. Active portfolio companies include OrisDx (2022 New Venture Challenge winner), Flow Medical (which went on to secure $5 million in seed funding), and Alnair Therapeutics (which closed an oversubscribed $1+ million pre-seed round). CavilinQ, a quantum computing company developing neutral-atom interconnect architectures, also received Innovation Fund support before raising an $8.8 million seed round from institutional investors including QVT, Safar Partners, and MFV Partners.

Hatch BioFund is an early-stage life sciences venture capital fund managed by Hatch BioFund Management LLC, the dedicated investment arm of the Pennsylvania Biotechnology Center (PABC) in Doylestown, Pennsylvania. The fund is targeting $50 million in capital commitments to invest in promising early-stage and seed-stage biotech, pharmaceutical, and life sciences companies operating within or affiliated with the PABC ecosystem. Named investors include the Bucks County Employees' Retirement Board ($5 million), Daiichi Sankyo Inc. ($10 million strategic commitment announced in 2021), and The Provco Group ($2 million), with the fund continuing its fundraise toward the $50 million target. Hatch BioFund invests exclusively in private companies developing therapeutics and vaccines for human use across all treatment modalities—spanning small molecules, biologics, cell therapy, gene therapy, and RNA-based medicines. The fund's distinctive model pairs early-stage capital with access to PABC's physical infrastructure: laboratory and research facilities in the Philadelphia region, one of the fastest-growing biotech hubs in the United States, along with deep scientific advisory board expertise and PABC's established network of corporate, academic, and government partners. This integrated model is designed to de-risk translational science before clinical-stage financing requirements. Hatch BioFund Management LLC is led by Vladimir Walko, a former West Pharmaceuticals executive and investment banker, with all investments reviewed and approved by an experienced Scientific Advisory Board and Investment Committee. The PABC's track record as a biotech incubator—housing and supporting more than 40 resident companies spanning oncology, infectious disease, medical devices, and digital health—provides Hatch BioFund with proprietary deal flow, specialist diligence support, and co-development relationship potential with strategic LP partners such as Daiichi Sankyo.

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.

Hildred Capital is a New York-based healthcare-focused private equity firm that invests in operationally intensive, control-oriented companies within the lower middle market. Hildred Equity Partners III is the firm's third flagship buyout fund, reaching a final close in excess of $800 million in January 2025 — significantly oversubscribed beyond its $600 million target and exceeding the hard cap in just seven months. The close marked a more than doubling of the predecessor fund's $363 million size, reflecting strong continued investor demand for Hildred's healthcare strategy. The fund targets control-oriented investments in lower middle-market healthcare companies operating across commercial-stage pharmaceutical and OTC products, care delivery services, medical devices, life science tools and diagnostics, outsourced pharmaceutical and clinical services, and healthcare IT and technology-enabled services. Hildred emphasizes operationally intensive businesses where active management and strategic guidance can materially improve patient outcomes, expand access to care, and reduce healthcare costs. General partners committed over $60 million alongside limited partners. Hildred Equity Partners III supports Hildred Capital's total AUM of approximately $2.65 billion across all vehicles. The firm's investor base spans public pension plans, insurance companies, financial institutions, endowments, private wealth platforms, family offices, and high-net-worth individuals. Capital deployment began in the first quarter of 2025. Preceding funds — Hildred Equity Partners I and II — established the firm's healthcare buyout approach in the lower middle market, with Fund II closing at $363 million in 2021.

Innovestor Life Science Fund is a specialist EUR 90 million early-stage venture capital fund managed by Innovestor Group, a Finnish venture capital firm focused on deep tech and life science investment across the Nordic and Baltic regions. Launched in February 2022 and headquartered in Helsinki, the fund was established by a team of three founding partners with deep scientific and entrepreneurial backgrounds: Milla Koistinaho, an adjunct professor in neurobiology and serial entrepreneur; Pekka Simula, a seasoned chief executive and founder of multiple health-tech startups; and Petri Laine, one of Finland's most experienced venture capital investors. Anchor investors include Tesi (Business Finland Venture Capital) and the Kasvurahastojen Rahasto (KRR IV) fund-of-funds, both managed by Tesi on behalf of the Finnish state. The fund's investment strategy targets early-stage biotech and digital health companies from pre-seed through Series A in Finland and the broader Nordic and Baltic countries, with particular interest in drug development (rare diseases, neurological conditions, oncology, and cardiovascular), digital health platforms, automation, medtech devices, and AI-powered healthcare applications. Innovestor Life Science Fund invests initial tickets of EUR 250,000 to EUR 3 million per company and targets a portfolio of approximately 20 companies, with a distinctive co-founding model in which the fund actively co-creates approximately half of its portfolio companies alongside academic spinout teams from leading Nordic and Baltic universities. This origination capability differentiates the fund from purely reactive venture investors in the region. Since 2022, the Innovestor Life Science Fund has deployed capital into 12 groundbreaking drug development and digital health companies, building one of the most active Nordic life science early-stage portfolios. Recent portfolio activity includes co-founding Polku Therapeutics (in partnership with Torrey Pines Investment), Kasvu Therapeutics, and Soihtu DTX — three neurological spinouts from Finnish academic research. The fund benefits from the broader Innovestor Group platform, which manages multiple technology and growth equity funds across Finland and the Nordics, providing portfolio companies with access to a multi-stage investor network and follow-on capital resources.

Inveready Innvierte Biotech II is a Spanish venture capital fund managed by Inveready, one of Spain's most active alternative investment firms managing over €2.2 billion in assets across venture capital and private equity strategies. Established in 2013 and structured as a Sociedad de Capital Riesgo (S.C.R.) under CNMV regulation, the fund was co-sponsored under the Spanish government's Innvierte program, which promoted private investment in innovative companies by matching institutional capital with public co-investment. The fund invested across a portfolio of 22 life sciences companies, with 94% of capital allocated to Spanish companies, making it one of the most concentrated dedicated biotech venture funds in Spain during its investment period.Inveready Innvierte Biotech II deployed capital at the early stages of the life sciences value chain, focusing on companies at the seed and Series A stage across drug development (47% of the portfolio), over-the-counter products, medical services, and digital health. The fund adopted a multi-stage strategy, following companies from initial investment through clinical development and commercialization. The fund management team was led by Sara Secall, Roger Piqué, and Josep Maria Echarri, who brought deep sector expertise in pharmaceutical sciences, biotech commercialization, and venture capital to the portfolio management process. The fund's geographic focus on Spain allowed it to build a concentrated exposure to the domestic biotech ecosystem at a formative period in its development.Inveready Innvierte Biotech II was fully divested, delivering a 4.3x return on invested capital to its shareholders — making it the fourth venture capital fund Inveready has successfully exited, all with markedly positive results. Notable exits include Avizorex, the first venture-backed Spanish company to complete the full drug development cycle and receive U.S. marketing authorization from Alcon (world leader in ophthalmology) for an ophthalmic drug; the sale of stakes in Reva Health and Zera; and the IPO and subsequent divestment of Edesa Biotech on Nasdaq and Atrys Health on the Spanish Mercado Continuo. Portfolio companies created over 2,500 direct jobs — 57% held by women — and attracted more than €500 million in follow-on investment, with over €200 million allocated to R&D activities.

Invivo Ventures AI is a EUR 100 million early-stage venture capital fund managed by Invivo Partners, S.G.E.I.C, S.A., a Barcelona-based CNMV-registered fund manager with over EUR 150 million in assets under management. Announced in September 2025, the fund represents the fourth vehicle in Invivo Partners' franchise and marks a strategic evolution toward the intersection of artificial intelligence and scientific innovation — positioning itself as Spain's first locally focused vehicle dedicated exclusively to AI-driven science. The hard cap is set at EUR 120 million, with first close expected in H1 2026. The fund was established alongside the appointment of Dr. Josep M. (Pep) Martorell as Partner, who led innovation at the Barcelona Supercomputing Center and helped create programmes resulting in 14 spin-offs raising over EUR 40 million. The broader Invivo Partners platform has historically received institutional support from the European Investment Fund (EIF), Fond-ICO, the Institut Catala de Finances, and Barcelona City Council. The fund's investment thesis holds that artificial intelligence is now foundational infrastructure for any deeptech company. Accordingly, Invivo Ventures AI targets pre-seed through Series A companies applying AI to advance biotechnology, life sciences, synthetic biology, robotics, aerospace, mobility, computing and climate technology. Healthcare and life sciences constitute more than 50% of the intended portfolio. Initial ticket sizes range from EUR 2 million to EUR 4 million per investment, with follow-on reserves of up to EUR 10 million per company post-milestone. The geographic mandate is primarily Spanish-headquartered or Spanish-originated startups, with broader European coverage for the most compelling AI-science opportunities. Invivo Partners has built a track record through three prior funds including Healthequity VC Fund (2012-2019), Invivo Ventures FCR (EUR 60 million final close, 2019), and Invivo Ventures III (EUR 100 million target, first close H1 2024). The firm is co-founded and led by Luis Pareras and Albert Ferrer, with Laura Rodriguez and Pep Martorell serving as partners. Barcelona's position as a leading European biomedical research hub — home to research institutions, hospitals and a growing deep-tech ecosystem — provides Invivo with privileged deal flow access, particularly in the AI-driven life sciences segment where the city's scientific institutions have produced a pipeline of commercially relevant spin-offs.

Invivo Ventures FCR is the first flagship venture capital fund of Invivo Partners, a Barcelona-based life sciences investment firm co-founded by Dr. Luis Pareras and Albert Ferrer. Registered with Spain's Comisión Nacional del Mercado de Valores (CNMV) in March 2019 and structured as a Fondo de Capital Riesgo (FCR) under Spanish private capital regulation, the fund targets early-stage life sciences companies in Spain and across the Ibero-European ecosystem. Institutional investors backing the fund include the European Investment Fund (EIF), Instituto de Crédito Oficial (ICO), Institut Català de Finances (ICF), Institut Valencià de Finances (IVF), and the Ajuntament de Barcelona, alongside a majority private investor base representing sustained confidence in Invivo Partners' early-stage life sciences thesis.Invivo Ventures FCR focuses on technology transfer-stage biotechnology and medical device companies, investing at the earliest commercial stages where proof-of-concept in animal models (for biotech) or a near-market prototype (for medical devices and digital health) has been established. The fund concentrates on Spain's rich academic and hospital-based research ecosystem — including spinouts from institutions such as Hospital Clínic-IDIBAPS Barcelona and leading Spanish universities — to identify and back foundational platforms in oncology, cell and gene therapy, immunotherapy, and other high-value therapeutic areas. Portfolio construction targets a diversified set of platforms across therapeutic modalities and preclinical stages, with the conviction that foundational biology backed by rigorous science provides the strongest risk-adjusted returns in early-stage life sciences investing. Investment sizes range from initial seed tickets to Series A follow-on rounds, with deep scientific due diligence performed by a team with direct biomedical research backgrounds.Invivo Partners grew its platform from Invivo Ventures FCR into a family of funds with assets under management exceeding €150 million across three vehicles, demonstrating the firm's ability to raise institutional capital and deliver portfolio-level scientific and financial progress. Portfolio companies backed through Invivo Ventures FCR and successor vehicles include EsoBiotec (an in vivo cell engineering platform for cancer therapy), OneChain Immunotherapeutics (a cancer immunotherapy company), and Telum Therapeutics — all progressing through rigorous preclinical and early clinical milestones. The success of Invivo Ventures FCR led the firm to launch Invivo Ventures III targeting €100 million in life sciences and, subsequently, Invivo Ventures AI targeting a further €100 million at the intersection of AI and biotechnology, establishing Invivo Partners as the leading early-stage life sciences VC platform in Spain.

Invivo Ventures III is the third venture capital fund from Invivo Partners, a Barcelona-based life sciences investor and one of Spain's leading venture capital managers focused on transformative healthcare and biotechnology innovation. The fund targets a final size of EUR 100 million and invests in early-stage European life sciences companies developing breakthrough technologies across cell and gene therapy, synthetic biology, artificial intelligence-enabled drug discovery, and advanced medical devices. Registered with Spain's CNMV (Comision Nacional del Mercado de Valores) as Invivo Ventures III, FCRE (Fondo de Capital Riesgo Europeo), the fund continues the investment philosophy established in its predecessor funds—backing pre-seed and seed-stage spinouts and startups that address unmet medical needs through novel science and technology platforms. The fund typically leads or co-leads initial rounds, writing tickets from EUR 1 million to EUR 5 million, and maintains active portfolio support through Invivo's network of scientific advisors, clinical development experts, and corporate partners. The fund's institutional investor base includes the European Investment Fund (EIF), Fond-ICO Global, the Catalan Institute of Finance (ICF, which committed EUR 8 million expandable to EUR 10 million), the Valencian Institute of Finance, and Barcelona City Council. This blend of development finance institutions and regional public investors reflects the fund's role as a cornerstone vehicle for Spain's emerging life sciences ecosystem, particularly within the biotechnology cluster anchored in Catalonia and Valencia. Portfolio companies from prior Invivo funds include biotech ventures such as Peptomyc, NEUmiRNA, and Signadori Bio.

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.

Japan Investment KUC2 Investment Limited Partnership is the legal entity of KUC Fund II, an early-stage deep technology venture capital fund managed by Kobe University Capital, Inc. (KUC), a university-affiliated investment firm dedicated to supporting deep tech startups emerging from Kobe University and collaborating academic institutions across Japan. The fund attracted a Limited Partner commitment from UTokyo Innovation Platform Co., Ltd. (UTokyo IPC) — the venture capital arm of the University of Tokyo — announced in March 2026, underscoring its cross-institutional reach within Japan's broader academic startup ecosystem. KUC Fund II deploys capital into deep technology, life sciences, and industrial innovation ventures at the earliest stages of development — from research seed and pre-seed rounds through initial Series A funding — leveraging Kobe University's research infrastructure, faculty networks, and talent pipelines. Sector focus spans materials science, biotechnology, engineering, robotics, and other science-driven domains where proprietary academic intellectual property can be translated into commercially competitive businesses. Kobe University Capital's integrated platform supports the full startup lifecycle: sourcing research seeds from academic labs, guiding venture creation and incorporation, providing initial capital at pre-formation stages, and facilitating follow-on funding from the broader venture ecosystem. The fund's geographic focus is Japan, with an ambition to strengthen collaboration between the Kobe-centered western Japan academic hub and the Tokyo-centered eastern innovation ecosystem. KUC Fund II is part of a global trend of university-affiliated venture funds systematically commercializing academic IP — comparable to MIT's The Engine, Cambridge Enterprise, and Stanford's StartX — adapted to Japan's regulatory environment and R&D ecosystem. The partnership between KUC and UTokyo IPC bridges Japan's two leading research university systems, enabling cross-pollination of research capabilities and investor networks. The fund reflects Japan's broader policy ambition to accelerate translation of world-class academic research into globally competitive deep technology companies at the frontier of AI, advanced materials, and precision biotechnology.

KKR Health Care Strategic Growth Fund II (HCSG II) is a dedicated healthcare growth equity investment vehicle managed by KKR, one of the world's largest alternative asset management firms. The fund reached a final close of $4.0 billion on January 10, 2022, representing nearly three times the size of its $1.45 billion predecessor fund, KKR Health Care Strategic Growth Fund I, which closed in November 2017. HCSG II is the second installment of KKR's dedicated healthcare growth equity strategy, designed to address the growing need for scaled growth capital in the global healthcare sector. The fund employs a growth equity strategy focused on healthcare companies across North America and Europe, investing in businesses operating in pharmaceuticals, medical devices, healthcare services, healthcare information technology, and life sciences. KKR brings its global network of healthcare industry expertise and operational resources to portfolio companies, providing access to capital, strategic guidance, and sector-specific insights to accelerate growth trajectories. The fund targets companies that have demonstrated product-market fit and are positioned for accelerated expansion in large healthcare end markets. HCSG II attracted a diverse investor base including public pension plans, sovereign wealth funds, insurance companies, financial institutions, endowments, private wealth platforms, family offices, and high-net-worth individuals globally. KKR committed approximately $500 million of its own balance sheet and employee capital alongside outside investors, demonstrating strong alignment of interests. The fund builds upon KKR's deep healthcare investment track record spanning multiple decades and positions the firm as a leading growth capital provider to healthcare innovators in developed markets globally.

Khosla Ventures VIII is a multi-stage venture capital fund managed by Khosla Ventures, one of Silicon Valley's most distinctive and high-conviction investment firms. Closed at $1.6 billion in 2023, Fund VIII represents the flagship vehicle in a broader $3.1 billion fundraise encompassing three parallel vehicles — Fund VIII ($1.6B), a Seed Fund ($500M), and a Growth Fund ($900M) — reflecting investor confidence in Khosla's research-intensive approach at a time when many competing firms were scaling back fund sizes. The fund deploys capital across companies developing transformative technologies in artificial intelligence, climate technology, nuclear fusion, humanoid robotics, biotechnology, and enterprise software. Khosla Ventures VIII invests at multiple lifecycle stages, from early-stage research ventures through growth companies with emerging product-market fit, providing patient capital alongside deep operational support. The fund invests primarily in the United States, concentrating in Silicon Valley and other leading technology hubs, with portfolio companies frequently built around fundamental scientific breakthroughs rather than incremental improvements. Khosla Ventures was co-founded by Vinod Khosla in 2004 following his tenure at Kleiner Perkins, where he had previously backed Sun Microsystems. The firm established its reputation through high-conviction, contra-conventional bets — often dismissed at inception — including early investments in Square (now Block), Affirm, DoorDash, Instacart, and OpenAI. Fund VIII continues this tradition, with particular emphasis on companies at the frontier of AI and climate solutions, where Khosla believes patient venture capital can unlock technologies with outsized economic and societal impact.

Kurma Biofund IV is a European early-stage life sciences venture capital fund managed by Kurma Partners, a Paris- and Munich-based investment management firm and subsidiary of Eurazeo. The fund achieved a first close of €140 million in October 2024 and completed its final close at €215 million on April 23, 2026—falling short of its original €250 million hard cap but representing a 35% increase in size over predecessor Biofund III (€160 million). Cornerstone investors include the European Investment Fund (EIF) and Bpifrance as returning institutional backers, alongside CSL, an Australian pharmaceutical company making its first commitment to the fund series. Biofund IV is dedicated to backing innovative therapeutic solutions for diseases with high unmet medical need. Approximately 80% of the fund's capital is allocated to companies developing therapeutic approaches spanning autoimmune diseases, oncology immunotherapeutics, and natural immunity platforms. The fund pursues a balanced, risk-managed strategy that combines new company creation—building spinouts from leading European academic institutions and research clusters—with investments in established venture-stage biotech companies requiring Series A or B financing. It targets 16 to 20 new investments across Europe, with a scientific focus on disruptive therapeutic modalities rather than incremental modifications to existing drug classes. With Biofund IV, Kurma Partners' total assets under management reached €1 billion. Kurma Partners' prior funds provide a strong proof-of-concept for the strategy. Biofund III (€160 million, 2018) produced three landmark exits: Amolyt Pharma was acquired by AstraZeneca, Emergence Therapeutics was acquired by Eli Lilly, and Corlieve Therapeutics was acquired by UniQure—all large-cap pharma acquirers, demonstrating the firm's ability to create venture-backed biotech value to acquisition standards. Biofund II (€55 million, 2013) and the Paris Saclay Seed Fund (€53 million, co-managed with Partech) further illustrate Kurma's capacity to source from deep academic networks and to build companies from the earliest stages of scientific validation through to clinical proof-of-concept.

Kurma Growth Opportunities Fund (KGOF) is a growth-stage and crossover life sciences fund managed by Kurma Partners, a Paris- and Munich-based investment firm and Eurazeo Group subsidiary. The fund completed its final close at €167 million in 2024, providing a dedicated late-stage vehicle to complement Kurma's earlier-stage Biofund series. KGOF is designed to invest in companies that have advanced beyond the venture stage and are positioning for significant commercial milestones, public market listings, or M&A exits in the near to medium term. KGOF invests across the therapeutic, diagnostic, HealthTech, MedTech, and life science tools subsectors, targeting SMEs raising growth capital through late-stage private rounds, crossover financings, and public offerings in high unmet medical need areas. The fund's investment mandate is deliberately broad within life sciences—spanning therapeutics at clinical stages through diagnostics and digital health platforms—reflecting Kurma's view that growth-stage capital deployment requires flexibility across asset types and clinical modalities. Geographically, KGOF focuses primarily on European companies, with additional investment rights in existing Kurma portfolio companies as they reach scale. Investment decisions prioritise companies with validated clinical or commercial proof-of-concept and clear paths to liquidity. Kurma Partners manages a family of specialized life sciences fund vehicles totalling approximately €1 billion in AUM as of 2026, including Biofund I through Biofund IV, Kurma Diagnostics II, and the Paris Saclay Seed Fund co-managed with Partech Ventures. The firm's track record spans the full cycle from company creation to exit: Biofund III produced acquisitions by AstraZeneca, Eli Lilly, and UniQure, establishing Kurma as a top-tier European biotech franchise. KGOF extends this franchise into the growth phase, providing continuity of capital for the firm's most mature portfolio companies while also sourcing new opportunities in later-stage European biotech.

Kurma Growth Opportunities Fund is a growth equity vehicle managed by Kurma Partners, a Paris-based specialist investor dedicated to European biotechnology and life sciences. Announced in March 2022 with a first closing of €160 million against a €250 million target, the fund represents Kurma Partners's inaugural growth-stage investment vehicle, a purpose-built complement to the firm's established early-stage Biofund series (Biofunds I–IV). The Kurma Growth Opportunities Fund focuses on unlisted European companies in biotech and healthtech at a pivotal transition point: moving from research and development validation to commercial-stage operations. The fund targets approximately 15 portfolio companies addressing significant unmet medical needs, providing growth capital to businesses ready to accelerate their paths to market — including late-stage clinical-stage biotech companies and digital health platforms approaching commercialization. The fund's investment mandate is backed by the Tibi label, making it eligible for the €6 billion French institutional initiative for innovative European company growth. A distinguished group of institutional limited partners participated in the first closing, including the European Investment Fund (EIF), Bpifrance, the Belgian Growth Fund (managed by PMV), BNP Paribas Fortis Private Equity, the SFPI, BNP Paribas Fortis, Groupe Pasteur Mutualité, and Eurazeo as anchor investor. With Kurma Partners crossing €1 billion in total assets under management following the €215 million final close of Biofund IV in April 2026, the Growth Opportunities Fund cements the firm's position as a comprehensive lifecycle investor in European life sciences — covering seed-stage discovery through commercial-stage scale-up.

The Kurma Growth Opportunity Fund is the first growth equity vehicle raised by Kurma Partners, a Paris-based life sciences investment firm with offices in Paris and Munich. Announced in March 2022 with an initial target of €250 million, the fund achieved a final close at €160 million and represents Kurma's strategic expansion from its established early-stage Biofund strategy into later-stage, commercially-oriented healthcare investing. The fund broadens Kurma's offering across the European life sciences investment spectrum, complementing its flagship Biofund series — which targets early-stage biotechnology companies — with a dedicated vehicle for companies approaching commercial inflection and needing growth capital to scale. The Kurma Growth Opportunity Fund invests primarily in unlisted European companies in healthcare, biotechnology, and healthtech at the critical transition between R&D-stage and commercial operations. Target companies are those with strong clinical evidence, meaningful unmet medical need, and clear near-term revenue potential, typically at the late Series B through Series D stage. The fund targets a diversified portfolio of at least 15 investments, deploying growth equity capital to accelerate commercialization, geographic expansion, and operational scale-up. Kurma's 25-member team, including 10 partners based across Paris and Munich, provides hands-on support in regulatory strategy, market access, partnership development, and business building. Kurma Partners has over 15 years of experience investing in European life sciences, managing a portfolio of funds including its flagship Biofund series, with Biofund IV targeting €250 million (first close October 2024). The firm has supported the creation and growth of numerous European biotech companies and built a deep network of scientific advisors and industry partners across clinical, regulatory, and commercial disciplines. The Growth Opportunity Fund closed at €160 million — below its target but representing a solid first close for a first-generation growth vehicle — reflecting institutional confidence in Kurma's ability to extend its expertise into the commercialization stage of the healthcare value chain.

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.

LYFE Capital Fund IV (Dragon) L.P. is the fourth flagship fund raised by LYFE Capital, a Shanghai-headquartered healthcare-focused private equity and growth investment firm managing capital across Asia and North America. Closed in approximately the second quarter of 2022 with total commitments of $935 million, Fund IV represents a significant scale-up from the firm's earlier vintages and reflects LYFE Capital's deliberate evolution from a China-focused growth investor into a multi-geography healthcare investment platform with global institutional backing. The fund's 'Dragon' designation is a naming convention LYFE applies to its primary limited partnership vehicles across successive fund generations. LYFE Capital Fund IV deploys growth equity and private equity capital into pharmaceutical, biotechnology, and life sciences companies, with a particular emphasis on healthcare supply chain assets, manufacturing infrastructure, and businesses positioned to benefit from the global reorganization of Asia's healthcare production base. While China historically accounted for the majority of LYFE's deal activity, Fund IV channels most capital into Asia ex-China markets and the United States — with China representing approximately 10% of the portfolio — reflecting a deliberate rebalancing driven by geopolitical considerations and institutional investor expectations for geographic diversification. The fund pursues control and significant minority positions in established healthcare businesses with documented clinical or commercial progress. LYFE Capital has established itself as a leading healthcare private equity manager in Greater China and across Asia, with a track record spanning the full pharmaceutical value chain from drug discovery platforms through healthcare services and medical technology. At $935 million, Fund IV is LYFE's largest vehicle to date and attracted commitments from leading institutional investors across Asia, North America, and Europe. The firm's deep sector expertise — spanning biotech, specialty pharma, diagnostics, and healthcare infrastructure — positions Fund IV to capitalize on structural investment opportunities created by regulatory reform, aging demographics, and healthcare manufacturing localization across Asian markets.

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.

Lux Ventures IX is the ninth flagship venture capital fund raised by Lux Capital, the New York-headquartered science and technology-focused venture firm founded in 2000 by Josh Wolfe and Peter Hebert. The fund closed on January 7, 2026, raising $1.5 billion in capital commitments — Lux Capital's largest fund to date — bringing the firm's total assets under management to approximately $7 billion. The raise was completed in approximately three months, reflecting strong demand from the firm's established institutional LP base. Lux Ventures IX backs founders working at the frontier of science and technology in sectors that others find too hard, too early, or too complex to evaluate. Lux Ventures IX deploys capital across the full company-building arc, from early-stage founding rounds through growth, targeting companies in aerospace, defense, biotechnology, life sciences, artificial intelligence, automation, and industrial technology. The fund focuses on areas where deep scientific and engineering expertise intersects with scalable commercial potential, particularly in dual-use technologies with applications in both defense and commercial markets. Lux Capital's 44-person investment team brings specialist research capabilities across these hard-tech verticals, and the firm takes a hands-on approach to supporting founders through product development, team building, and commercialization of breakthrough technology. Since founding in 2000, Lux Capital has built one of the most recognized franchises in deep-tech venture investing, generating notable exits across synthetic biology, robotics, AI-enabled healthcare, and advanced materials. Prior funds including Lux Ventures VI through VIII delivered strong performance during periods of rapid technology adoption. The successful close of Lux Ventures IX at $1.5 billion — the firm's largest fund ever and a significant step up from prior vintages — underscores continued LP confidence in Lux Capital's differentiated deep-tech strategy and the team's ability to identify and support frontier science companies.

M&G Catalyst is a proprietary growth equity and impact investment strategy launched in January 2021 by M&G Investments, the FTSE 100-listed asset manager with over £340 billion in assets under management. Unlike a traditional externally raised closed-end fund, M&G Catalyst was initially seeded from M&G's own With Profits fund and proprietary balance sheet capital, with the firm committing approximately £5 billion to the strategy. The strategy was developed to allow M&G to deploy long-duration proprietary capital directly into private growth-stage companies globally, filling a gap between early-stage VC and traditional large-cap buyout that the firm identified in the UK and European innovation ecosystem. M&G Catalyst invests in private growth-stage companies globally across four thematic pillars: Planetary Health (clean energy, sustainable food, climate technology), Human Health (biotech, diagnostics, digital health), Access & Inclusion (financial services, emerging-market technology, financial inclusion), and Enabling Technologies (semiconductors, AI, space technology, biotech tools). Investments are typically Series B and later, targeting companies with validated business models and clear paths to commercial scale. The strategy operates with a global mandate encompassing the United States, United Kingdom, Europe, Africa, and Southeast Asia, with the team taking lead or co-lead positions in growth rounds. Since its January 2021 launch, M&G Catalyst has invested over £1 billion across 35+ portfolio companies spanning all four thematic pillars, including businesses in climate technology, renewable energy, biotech, AI-enabled healthcare, and financial inclusion in emerging markets. The strategy's portfolio spans 35+ companies with a growing track record of follow-on investments and company maturation. The Catalyst team's performance supported M&G's decision to open the strategy to external institutional investors through the M&G Catalyst Growth Equity Fund I, demonstrating the viability of the impact-first growth equity approach.

M&G Catalyst Growth Equity Fund I is the first externally marketed institutional vehicle through which third-party investors can co-invest alongside M&G Investments' Catalyst growth equity and impact strategy, which has been actively deploying proprietary capital since January 2021. Developed to open access to the proven Catalyst strategy for institutional investors including pension funds and sovereign wealth funds, the fund had secured commitments exceeding $850 million as of its announced close, including a £100 million commitment from the British Business Bank as part of the British Growth Partnership. The fund manager is M&G Investments, the FTSE 100-listed asset manager headquartered in London with over £340 billion in assets under management. M&G Catalyst Growth Equity Fund I invests in private growth-stage companies across four impact themes: Planetary Health (climate technology, clean energy, sustainable food), Human Health (biotech, diagnostics, digital therapeutics), Access & Inclusion (financial inclusion, emerging market technology), and Enabling Technologies (AI, semiconductors, space, biotech tools). Investments typically target Series B and later-stage companies with validated commercial models and measurable environmental or social outcomes. The fund operates with a global mandate with particular emphasis on the United Kingdom, Europe, and high-growth emerging markets, co-investing alongside M&G's proprietary Catalyst capital and benefiting from the deal flow infrastructure of the broader team. M&G Catalyst Growth Equity Fund I draws on the Catalyst strategy's portfolio of 35+ investments built since 2021, with over £1 billion deployed across areas including climate technology, life sciences, digital infrastructure, and financial inclusion. The Catalyst team has demonstrated the ability to lead and co-lead growth-stage rounds and support portfolio companies through successive financing events. British Business Bank participation through the British Growth Partnership adds an institutional validation layer reflecting the fund's alignment with UK innovation and impact policy objectives, and its potential to generate competitive risk-adjusted returns alongside measurable impact.

Harper Court Ventures Fund I is a $25 million early-stage venture capital fund launched in May 2025 and managed by MFV Partners, a Silicon Valley-based deep tech investor. The fund operates under an exclusive cooperation agreement with the University of Chicago and its Polsky Center for Entrepreneurship and Innovation, focusing on backing pre-seed and seed-stage startups that emerge from UChicago's research laboratories, faculty-led ventures, and alumni network. Founded by Karthee Madasamy — a Chicago Booth MBA alumnus and long-standing deep tech investor — Harper Court Ventures Fund I represents the first institutionalized vehicle dedicated to commercializing University of Chicago research at scale. Harper Court Ventures Fund I targets transformative deep tech companies across four high-impact sectors: quantum computing, life sciences, energy, and artificial intelligence. The fund applies MFV Partners' proven Silicon Valley framework for early-stage deep tech investment — a track record that includes backing category-defining companies such as PsiQuantum, Agility Robotics, and Waze — directly to UChicago's rich pipeline of commercializable research. Ticket sizes are concentrated at the pre-seed and seed stages, enabling the fund to act as a first institutional investor in breakthrough technologies before they reach broader venture markets. The fund intends to deploy capital into approximately 40 companies over a five-year investment period, positioning Chicago as a globally recognized hub for deep tech innovation. Since its launch, Harper Court Ventures Fund I has built an active portfolio from the UChicago ecosystem. Initial investments include Flow Medical (a catheter-based pulmonary embolism therapy), SimCare AI (an AI-powered clinical skills training platform), and Beacon (airborne pathogen elimination technology). In April 2026, the fund co-invested in CavilinQ's $8.8 million seed round alongside QVT, Safar Partners, and Serendipity Capital — backing a Cambridge-based quantum hardware startup developing modular quantum interconnects from UChicago research. MFV Partners' broader portfolio and Silicon Valley network provide Harper Court Ventures Fund I companies with access to follow-on capital and strategic partnerships beyond the Midwest.

Material Impact Fund III is a $352 million venture capital fund managed by Material Impact, a Boston-based investment firm co-founded by Carmichael Roberts and Adam Sharkawy. The fund is the firm's third flagship vehicle, designed to back inception-stage companies that leverage breakthrough innovations in materials science to address large-scale global challenges. Fund III closed in 2023, oversubscribed against its $325 million target, attracting capital from university endowments, family offices, foundations, and fund-of-funds, and bringing Material Impact's total assets under management to approximately $800 million across more than 30 portfolio companies. Fund III targets companies at the earliest stages of formation—typically engaging with founders before or shortly after their first institutional round. Material Impact's thesis centers on materials science as a foundational enabler across multiple industries: breakthrough advances in physical matter—from new polymers and bio-inspired composites to next-generation semiconductors—unlock step-change improvements in food and water security, sustainable manufacturing, healthcare delivery, artificial intelligence hardware, robotics, data storage, and transportation. Portfolio companies receive not only capital but strategic support from Material Impact's deep industrial networks, enabling them to navigate the complex path from lab-scale innovation to commercial production at scale across demanding industrial and consumer markets. With Fund III, Material Impact has established itself as the leading specialist investor in material-science-enabled inception-stage ventures—a category it defines and anchors in Boston's deep-tech ecosystem. The fund expands investment scope to include underrepresented healthcare applications and climate-linked sustainable manufacturing, reflecting the firm's conviction that materials science breakthroughs are foundational to both the digital and the green economy. Notable focus areas include biomanufacturing, sustainable packaging, AI hardware substrates, next-generation energy storage materials, and advanced diagnostics—sectors where material innovation is the rate-limiting step to commercial scale and where Material Impact's scientific network provides a decisive sourcing and diligence advantage.

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.

NPIF II – Praetura Equity Finance is a venture capital fund managed by Praetura Ventures as part of the Northern Powerhouse Investment Fund II (NPIF II), a £660 million government-backed programme launched in March 2024 by the British Business Bank. Praetura Ventures was selected through a competitive tender process to manage the North West England equity mandate — the largest single equity allocation within NPIF II at £100 million — covering Greater Manchester, Lancashire, Cheshire, Cumbria, and Merseyside. The fund was designed to address the persistent gap in early-stage equity access across the North West, building on the original NPIF programme's legacy of catalysing private venture investment in Northern England from 2017 onward. The fund provides equity investments of up to £5 million per company, targeting businesses with demonstrated high-growth potential across all sectors, with priority focus on deep tech, life sciences, health technology, software, and digital innovation. Praetura Ventures combines deep local market expertise with an intensive ownership model, providing portfolio companies with direct access to operational support teams, strategic co-investment networks, and the broader Praetura platform encompassing private equity, debt finance, and fund-of-funds strategies. The fund explicitly promotes diversity, equity, and inclusion, with mandates to actively support underrepresented founders and widen access to venture capital across Northern networks that have historically been underserved. Launched in Spring 2024, NPIF II – Praetura Equity Finance is already actively deploying capital across the North West. Praetura Ventures manages over £260 million in AUM across its platform and has confirmed portfolio investments under the mandate, including in companies such as Audiebant and CloudGuard. The wider NPIF II programme has facilitated over £275 million in total investment to Northern businesses across all regions within its first two years. The fund operates on an approximately five-year investment period backed by the British Business Bank and HM Government, and is expected to support hundreds of high-growth businesses across the North West through to approximately 2029.

NVentures is NVIDIA Corporation's corporate venture capital arm, established in 2021 and headquartered in Santa Clara, California, to invest in early-stage and growth-stage technology companies that build on or benefit from NVIDIA's hardware, software, and AI platforms. Unlike conventional closed-end funds, NVentures operates as an evergreen balance-sheet vehicle directly funded by NVIDIA, with every investment personally approved by CEO Jensen Huang — a structure that reflects how central venture activity is to NVIDIA's long-term strategic positioning. The portfolio grew from approximately $300 million in early 2023 to over $1.5 billion by late 2024, and NVentures has become one of the world's most active and influential corporate venture investors in the AI era. NVentures invests across the full venture lifecycle — from seed through late-stage pre-IPO — in companies developing AI infrastructure, AI model capabilities, robotics, healthcare AI, biotech and life sciences, and enterprise software built on GPU-accelerated compute. The fund participates in rounds from a few million dollars at the seed stage to hundreds of millions in strategic co-investments alongside top institutional VC firms. Portfolio companies receive not only capital but direct access to NVIDIA's engineering teams, pre-release hardware, CUDA and software platform support, supply chain relationships, and NVIDIA's global customer and partner network spanning hyperscalers, enterprises, research institutions, and sovereign AI programmes. NVentures' portfolio as of 2025 includes some of the most prominent AI infrastructure and model companies globally: OpenAI, xAI, Mistral AI, Hugging Face, Databricks (which raised at a $62 billion valuation in late 2024), CoreWeave (which IPO'd in March 2025 delivering significant returns to NVIDIA), and Runway (AI video generation). NVIDIA participated in approximately 45 AI-related financing rounds in 2024, and by mid-2025 had already surpassed that total for the year. NVIDIA's publicly disclosed equity portfolio across six holdings totalled approximately $1.14 billion as of April 2025, led by its CoreWeave position. As an evergreen CVC vehicle, NVentures does not publish a fixed fund size — its investment pace and capacity scale with NVIDIA's balance sheet and strategic priorities.

Neva II is a multi-stage global venture capital fund launched in September 2024 by Neva SGR, the venture capital subsidiary of Intesa Sanpaolo Group — one of Europe's largest banking groups and Italy's leading retail and corporate bank with over EUR 1 trillion in total assets. Targeting EUR 400 million in commitments, Neva II is the second-generation flagship global vehicle managed by Neva SGR following the firm's inaugural generation of funds. As of the September 2024 launch, EUR 187 million had already been raised and invested across five diversified portfolio companies. Neva II is managed under the Italian SGR (Societa di Gestione del Risparmio) regulatory framework and is open to qualified institutional investors globally. Neva II invests across the full early-growth venture spectrum — from seed through Series C — in technology-driven companies addressing global challenges across five priority sectors: life sciences and healthcare innovation (particularly oncology and autoimmune disease therapeutics, digital health); energy transition and cleantech; digital transformation and enterprise software; next-generation manufacturing and materials; and aerospace. The fund's investment selection requires portfolio companies to demonstrate clear pathways to solving global problems with a focus on sustainability, ESG integration, and circular economy alignment. The geographical scope is global, with particular attention to European and North American innovation ecosystems where Neva SGR has established sourcing relationships. The backing of Intesa Sanpaolo provides portfolio companies with access to a major European bank's corporate network, lending capabilities, and strategic partnerships across Italian and international enterprise markets. Neva SGR was established in 2020 as Intesa Sanpaolo's dedicated venture capital arm, building an investment platform designed to bridge between global technology innovation and the strategic needs of one of Europe's largest financial institutions. Neva II is the companion fund to Neva II Italia (EUR 100 million target), which specifically targets Italian-headquartered startups with a PIR-compliant structure. Together, the two Neva II funds represent a EUR 500 million combined investment platform — doubling the capacity of the predecessor generation. This scaling reflects both the maturation of Neva SGR's team and network after four years of active investment, and Intesa Sanpaolo's commitment to positioning its banking group at the intersection of European and global innovation ecosystems.

Neva II Italia is a PIR-compliant (Piano Individuale di Risparmio) Italian venture capital fund launched in September 2024 by Neva SGR, the venture capital subsidiary of Intesa Sanpaolo Group. Targeting EUR 100 million in commitments, Neva II Italia is structured as a closed-end Italian-law alternative investment fund under the SGR management framework, qualifying under PIR Alternative regulations that provide significant tax advantages to Italian pension funds (casse previdenziali), insurance companies, and institutional retail investors seeking venture capital exposure. As of its September 2024 launch, the fund had already raised over EUR 42 million and completed five investments in promising Italian companies. Neva II Italia invests exclusively in Italian-headquartered or Italian-founded companies at the early-to-growth stage — from seed through Series B — across five priority sectors aligned with the broader Neva SGR investment thesis: life sciences and healthcare innovation (oncology, autoimmune disease, digital health); energy transition and cleantech; deep tech and next-generation manufacturing; digital transformation and enterprise software; and aerospace. The Italian focus differentiates Neva II Italia from its companion fund Neva II (EUR 400 million, global mandate), which invests across international ecosystems. By anchoring on Italian companies, Neva II Italia gives domestic institutional investors a dedicated vehicle to access the Italian startup ecosystem with the full support network of Intesa Sanpaolo Group — Italy's largest domestic bank, with extensive relationships across Italian corporations, SMEs, family offices, and institutional investors. Neva II Italia complements the broader Neva II twin-fund platform, which together targets EUR 500 million in combined capacity — double the investment envelope of the predecessor Neva SGR fund generation. This scaling represents both Neva SGR's maturation as an Italian venture capital institution after four years of deployment, and Intesa Sanpaolo Group's strategic commitment to cultivating a domestic venture capital ecosystem that keeps innovative Italian companies within the Italian institutional investor sphere rather than ceding early ownership to foreign VC firms. The PIR Alternative structure of Neva II Italia has attracted particular interest from Italian pension and social security funds, which historically have been underallocated to the domestic VC asset class relative to peer European institutional markets.

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.