Healthtech

AAIC Africa Healthcare Fund (AHF No. 1) is a $47 million impact-oriented venture capital fund focused exclusively on healthcare and medical technology startups across sub-Saharan Africa and North Africa, managed by AAIC Investment Pte. Ltd. (Asia Africa Investment & Consulting), headquartered in Singapore. AHF1 was established in 2017 as the first Japanese-affiliated venture capital fund to operate from Kenya, marking a landmark in Japanese private capital engagement with the African startup ecosystem. The fund was inspired by an assessment of the acute shortage of healthcare infrastructure across Africa and the concurrent emergence of mobile-first health technology startups capable of leapfrogging traditional delivery systems. The advisory committee includes Mr. Yoshiyuki Sato, with 50 years of Africa business experience, and Dr. Amit N. Thakker, Chairman of the Africa Healthcare Federation. AHF1 deploys tickets between $100,000 and $5 million per company, targeting seed through Series B stages across four primary African markets: Kenya, Nigeria, South Africa, and Egypt — countries representing the largest and most developed startup ecosystems on the continent. The investment mandate covers the full healthcare stack: primary care and hospital services, diagnostics, digital health and telemedicine, pharmaceutical distribution, medical devices, and healthcare-adjacent fintech applications including healthcare payment infrastructure. AAIC operates from offices in Nairobi, Lagos, and Johannesburg, enabling close portfolio engagement and deal sourcing across the region. AHF1 invested in 30 companies over its deployment cycle and has produced notable portfolio outcomes. Chipper Cash, a fintech-adjacent portfolio company, achieved unicorn status in 2021 following its $250 million Series C funding round led by Decacorn Capital. The fund's success catalyzed AAIC's expansion into a second vehicle, the Africa Innovation and Healthcare Fund (AHF2), which broadened the mandate beyond healthcare to include broader innovation sectors. AHF1 remains a pioneering example of Japanese institutional capital accessing the African venture ecosystem through a specialized healthcare and impact-aligned strategy.

The Africa Innovation and Healthcare Fund 1 (AHF-1) is a venture capital and impact fund managed by AAIC Investment, a Japan-based investment manager dedicated to advancing healthcare and innovation across the African continent. Launched in 2017 as Japan's first fund with an exclusive focus on the African healthcare sector, AHF-1 represents a pioneering effort to channel institutional capital from Japanese financial institutions and corporations into high-growth, mission-driven businesses across Sub-Saharan Africa. AHF-1 targets early- to late-stage companies operating across the full spectrum of healthcare and adjacent verticals, including clinical care, medical services, digital health, health technology, pharmaceutical distribution, insurance, diagnostics, and health-enabling infrastructure such as fintech and mobility. The fund takes equity positions and provides hands-on operational and strategic support to portfolio companies through AAIC's deep local networks in Kenya, Nigeria, Egypt, Rwanda, and other key African markets. The investment thesis centers on the belief that healthcare companies in Africa can achieve strong financial returns while addressing acute social challenges in underserved markets. AHF-1 reached a final close at USD 47 million and deployed capital across more than 30 startups and established companies, establishing AAIC Investment as one of the leading Japan-Africa impact investors in the private markets space. The fund's success laid the foundation for the Africa Innovation and Healthcare Fund 2 (AHF-2), launched in 2022 with a USD 150 million target, continuing to scale the manager's pan-African healthcare investment franchise. AAIC Holdings Pte. Ltd., headquartered in Singapore, serves as the parent organization with regional operations across Africa and Asia.

The Africa Innovation and Healthcare Fund 2 (AHF-2), managed by AAIC Investment, is the second vintage of Japan's leading Africa-focused healthcare and innovation fund series. Launched in April 2022, AHF-2 builds on the model established by AHF-1 (2017, final close USD 47 million) and targets a broader mandate spanning healthcare technology, digital health, fintech, and mobility companies driving sustainable growth across the African continent. AHF-2 has a target size of USD 150 million and reached its first close at the end of March 2022, attracting Japanese institutional investors and corporations as limited partners. Key investors include the Development Bank of Japan (DBJ), QR Investment (Hokkoku Financial Holdings Group), TOPPAN Holdings, and Marubeni Corporation, reflecting strong interest from Japan's corporate sector in gaining strategic exposure to Africa's high-growth technology and healthcare ecosystem. By October 2023, the combined capital committed across AHF-1 and AHF-2 stood at USD 87 million (approximately JPY 13 billion), with the fund continuing to accept subscriptions toward its USD 150 million target. As of the second close in September 2023, AAIC Investment had deployed capital across 45 portfolio companies through both funds, spanning diagnostics, pharmaceuticals, insurance, digital health platforms, and health-enabling fintech across Kenya, Nigeria, Egypt, South Africa, and Rwanda. AAIC Investment, headquartered in Singapore through parent AAIC Holdings Pte. Ltd., brings over a decade of on-the-ground Africa experience combined with access to Japanese capital, technology, and corporate partnerships, positioning AHF-2 as a distinctive bridge fund between Japanese institutional capital and African innovation ecosystems.

The Africa Innovation and Healthcare Fund 2 (AHF-2), managed by AAIC Investment, is the second vintage of Japan's leading Africa-focused healthcare and innovation fund series. Launched in April 2022, AHF-2 builds on the model established by AHF-1 (2017, final close USD 47 million) and targets a broader mandate spanning healthcare technology, digital health, fintech, and mobility companies driving sustainable growth across the African continent. AHF-2 has a target size of USD 150 million and reached its first close at the end of March 2022, attracting Japanese institutional investors and corporations as limited partners. Key investors include the Development Bank of Japan (DBJ), QR Investment (Hokkoku Financial Holdings Group), TOPPAN Holdings, and Marubeni Corporation, reflecting strong interest from Japan's corporate sector in gaining strategic exposure to Africa's high-growth technology and healthcare ecosystem. By October 2023, the combined capital committed across AHF-1 and AHF-2 stood at USD 87 million (approximately JPY 13 billion), with the fund continuing to accept subscriptions toward its USD 150 million target. As of the second close in September 2023, AAIC Investment had deployed capital across 45 portfolio companies through both funds, spanning diagnostics, pharmaceuticals, insurance, digital health platforms, and health-enabling fintech across Kenya, Nigeria, Egypt, South Africa, and Rwanda. AAIC Investment, headquartered in Singapore through parent AAIC Holdings Pte. Ltd., brings over a decade of on-the-ground Africa experience combined with access to Japanese capital, technology, and corporate partnerships, positioning AHF-2 as a distinctive bridge fund between Japanese institutional capital and African innovation ecosystems.

The Africa Innovation and Healthcare Fund 2 (AHF-2), managed by AAIC Investment, is the second vintage of Japan's leading Africa-focused healthcare and innovation fund series. Launched in April 2022, AHF-2 builds on the model established by AHF-1 (2017, final close USD 47 million) and targets a broader mandate spanning healthcare technology, digital health, fintech, and mobility companies driving sustainable growth across the African continent. AHF-2 has a target size of USD 150 million and reached its first close at the end of March 2022, attracting Japanese institutional investors and corporations as limited partners. Key investors include the Development Bank of Japan (DBJ), QR Investment (Hokkoku Financial Holdings Group), TOPPAN Holdings, and Marubeni Corporation, reflecting strong interest from Japan's corporate sector in gaining strategic exposure to Africa's high-growth technology and healthcare ecosystem. By October 2023, the combined capital committed across AHF-1 and AHF-2 stood at USD 87 million (approximately JPY 13 billion), with the fund continuing to accept subscriptions toward its USD 150 million target. As of the second close in September 2023, AAIC Investment had deployed capital across 45 portfolio companies through both funds, spanning diagnostics, pharmaceuticals, insurance, digital health platforms, and health-enabling fintech across Kenya, Nigeria, Egypt, South Africa, and Rwanda. AAIC Investment, headquartered in Singapore through parent AAIC Holdings Pte. Ltd., brings over a decade of on-the-ground Africa experience combined with access to Japanese capital, technology, and corporate partnerships, positioning AHF-2 as a distinctive bridge fund between Japanese institutional capital and African innovation ecosystems.

The Africa Innovation and Healthcare Fund 2 (AHF-2), managed by AAIC Investment, is the second vintage of Japan's leading Africa-focused healthcare and innovation fund series. Launched in April 2022, AHF-2 builds on the model established by AHF-1 (2017, final close USD 47 million) and targets a broader mandate spanning healthcare technology, digital health, fintech, and mobility companies driving sustainable growth across the African continent. AHF-2 has a target size of USD 150 million and reached its first close at the end of March 2022, attracting Japanese institutional investors and corporations as limited partners. Key investors include the Development Bank of Japan (DBJ), QR Investment (Hokkoku Financial Holdings Group), TOPPAN Holdings, and Marubeni Corporation, reflecting strong interest from Japan's corporate sector in gaining strategic exposure to Africa's high-growth technology and healthcare ecosystem. By October 2023, the combined capital committed across AHF-1 and AHF-2 stood at USD 87 million (approximately JPY 13 billion), with the fund continuing to accept subscriptions toward its USD 150 million target. As of the second close in September 2023, AAIC Investment had deployed capital across 45 portfolio companies through both funds, spanning diagnostics, pharmaceuticals, insurance, digital health platforms, and health-enabling fintech across Kenya, Nigeria, Egypt, South Africa, and Rwanda. AAIC Investment, headquartered in Singapore through parent AAIC Holdings Pte. Ltd., brings over a decade of on-the-ground Africa experience combined with access to Japanese capital, technology, and corporate partnerships, positioning AHF-2 as a distinctive bridge fund between Japanese institutional capital and African innovation ecosystems.

AVP Growth Fund I is a €1.5 billion late-stage technology investment fund launched by AVP (Atlantic Vantage Point), formerly known as AXA Venture Partners. The fund is supported by anchor commitments from AXA and the European Investment Fund (EIF) as part of the European Tech Champions Initiative (ETCI). This initiative aims to bolster Europe's late-stage tech funding landscape and support rapidly growing, large technology companies. The fund targets high-growth European technology companies, providing substantial investments to help them scale and compete globally. AVP Growth Fund I has already completed investments in companies such as Agicap and Odoo, demonstrating its commitment to fostering European tech champions. AVP operates as an independent global investment platform with a transatlantic presence, managing over €2.5 billion across various investment strategies, including venture, early growth, growth, and fund of funds. The firm leverages its extensive network and expertise to support entrepreneurs from early stages to IPO, aiming to create a robust European alternative to U.S. growth funds and sovereign wealth capital.

The Armilar IV fund is positioned to back exceptional deep‑technology founders across the Iberian Peninsula, with a specific interest in companies that fuse advanced science and enterprise‑grade software. With a first close of around €120 million and an ultimate target near €240 million by late 2026, Armilar IV offers meaningful capital to support follow‑on growth and scale financing. It builds on the longstanding track record of Armilar Venture Partners—who have supported companies like OutSystems and Feedzai—from regional innovators to global platforms. The investment thesis of Armilar IV centres on B2B enterprises with robust technical moats, demonstrable product‑market fit, and the capacity to expand internationally from Spain and Portugal. The fund plans to make approximately 20 investments over its lifetime, combining cheque writing with active operational support and board participation to accelerate commercial traction. The targeting sectors span AI, cybersecurity, healthtech and spacetech—areas where scientific research meets software innovation. The fund believes that Iberia’s deep‑tech ecosystem is at an inflection point, and that institutional‑scale capital like this can bridge the gap between early research and global commercial deployment. By focusing on companies at the junction of science and software, Armilar IV seeks to partner with technical founding teams that are under‑leveraged in large European growth rounds, providing the scale and guidance needed to lead expansion rounds and become internationally competitive.

Atomico Venture VI is a $485 million early-stage venture capital fund managed by Atomico, the London-headquartered VC firm founded in 2006 by Skype co-founder Niklas Zennström. The fund reached its final close in September 2024 as part of Atomico's largest-ever fundraise — a simultaneous $1.24 billion dual-close alongside Atomico Growth VI ($754 million), the firm's dedicated growth capital vehicle. Domiciled in Luxembourg, Atomico Venture VI is the sixth generation of the firm's core venture franchise and reflects its conviction that European technology has reached an inflection point comparable to Silicon Valley a generation earlier. Atomico Venture VI focuses predominantly on Series A investments, with the flexibility to participate selectively in Seed-stage opportunities where conviction is highest. The fund takes a generalist approach across the technology landscape, targeting companies in AI and machine learning, cybersecurity, fintech, healthtech, industrial automation, and enterprise software. Its geographic mandate is pan-European, covering innovation ecosystems across the UK, DACH region, Nordics, France, the Benelux, and emerging markets across the continent. Venture VI operates in tandem with Growth VI, which deploys capital from Series B to pre-IPO, giving Atomico full coverage of a European founder's journey from early stage to public markets. Atomico brings a track record of more than 155 investments and nearly two decades of European technology investing to Venture VI. The firm's portfolio has produced 24 unicorns, 7 IPOs, and 54 acquisitions, including landmark companies such as Klarna, Stripe, and DeepL. Venture VI has already deployed capital across 20-plus investments since close, with early portfolio companies including Neko Health (Stockholm), Ben and Dexory (London), Deeploi (Berlin), Strise (Oslo), and Lakera (Zurich), demonstrating the fund's continued focus on mission-driven founders building category-defining technology companies from Europe.

Axcel Elevate I is the inaugural lower mid-market private equity fund raised by Axcel, a Copenhagen-based investment firm that has been one of the leading private equity houses in the Nordic region since its founding in 1994. The fund closed in November 2025 at its EUR 459 million hard cap following strong investor demand, with the majority of commitments from existing Axcel investors and additional participation from leading Nordic and international investors including pension funds, funds of funds, foundations, and family offices. The fund was launched in the summer of 2025 and reached its hard cap after an efficient fundraising process. Axcel Elevate I represents a strategic expansion of Axcel's investment platform into the lower end of the Nordic mid-market, targeting businesses that are too small for Axcel's traditional mid-market funds but that nonetheless possess strong growth fundamentals, differentiated market positions, and experienced management teams. The fund focuses primarily on companies in the technology, business services, and healthcare sectors across Denmark, Sweden, Norway, and Finland. Axcel's managing partner Schmidt-Jacobsen leads the Elevate strategy, joined by Swedish partner Johan Lundén in Spring 2026, who brings fifteen years of private equity experience and is based in Stockholm. The first investment from Axcel Elevate I was made in KapitalKontroll, a lower mid-market company in the Nordic technology, business services, and healthcare space. By establishing a dedicated vehicle for the lower mid-market, Axcel creates a deeper regional presence and a natural progression in which smaller portfolio companies can be supported through growth phases and, over time, may graduate to Axcel's larger mid-market fund for continued development. Axcel Elevate I operates alongside Axcel's established mid-market series, forming a complementary two-tier Nordic private equity platform with coverage across the full lower and mid-market segments of the Nordic region.

About BlueCrow Next Tech Fund IBlueCrow Next Tech Fund I (legally: Next Tech Fund I, FCR) is a Portuguese venture capital fund managed by BlueCrow Capital (BlueCrow Sociedade de Capital de Risco SA), a Lisbon-based venture capital firm founded in 2016. The fund carries the LEI code 8945001H44WNDNR7NY59 and the ISIN PTBLWJIM0013, and is regulated by the Portuguese Securities Market Commission (CMVM) as a closed-end Fundo de Capital de Risco (FCR). Established in 2020 with a target size of €100 million, the fund has a 16-year investment horizon comprising a 9-year active investment period followed by a 7-year value-realization phase. The minimum subscription threshold of €50,000 reflects an institutional and sophisticated investor profile. BlueCrow Capital positions Next Tech Fund I as one of the first Portuguese funds focused exclusively on innovative technology companies with differentiated global growth potential.The fund invests exclusively in Portuguese technology companies that are eligible under Portugal's SIFIDE tax incentive system (Tax Incentive System for Business R&D), ensuring a focus on genuinely R&D-intensive businesses with defensible technological differentiation. Target investments span multiple technology verticals including artificial intelligence and machine learning, cloud software platforms (SaaS), cybersecurity and digital infrastructure, and technology applied to industry, healthcare, energy, construction, and logistics. The fund aims to build a diversified portfolio of 18 to 22 portfolio companies with average ticket sizes of €3 million to €6 million per investment, and an expected annual return of 17% over the investment horizon. BlueCrow Capital adds value through active portfolio management, structured internationalisation support, and deep integration into Portugal's technology and innovation ecosystem. The expected annual return of 17% targets a risk-return profile suitable for institutional limited partners committed to Southern European venture capital.Since its establishment in 2020, Next Tech Fund I has assembled a portfolio of early-stage and growth technology companies including AgentifAI (AI-native platform, Series A investment in December 2021), Paynest (HR fintech platform), KIT-AR (augmented reality for industrial environments), Bandora (digital health), Senseidata (data analytics platform), and Tonic Easy Medical (digital health). The fund reflects BlueCrow Capital's position as a pioneer of institutionalized venture capital investment in Portugal's emerging technology ecosystem, operating alongside the broader Portuguese innovation infrastructure. Note: this record (id=497) has a near-duplicate entry (id=505, slug=nexttech-fund-i) which differs only in the omission of a space in the fund name ("NextTech" vs "Next Tech") and which was created within two minutes on the same date. Record id=505 should be merged into this canonical record.

The Calm / Storm 2 fund is a dedicated early‑stage venture capital vehicle established by Calm/Storm Ventures out of Austria, designed to invest across the health‑tech and wellbeing space in Europe. With a final close around €30 million, the fund seeks to partner with startup founders driving meaningful innovation in prevention, diagnostics, digital health tools and infrastructure for large healthcare systems. Unlike many health‑tech investors who wait until later stages, this fund is committed to getting in very early—pre‑seed, seed and occasionally post‑seed—taking meaningful stakes and often leading rounds alongside a strong network of co‑investors. It emphasises partnership, mentorship and ecosystem building as much as capital. Diversity and purpose are core to its philosophy: Calm/Storm emphasises founding teams from under‑represented backgrounds, and invests in areas often overlooked (e.g., fertility, mental health, sexual wellness, chronic conditions) where innovation can have disproportionate impact. The fund thus aims for both financial return and societal benefit. The fund will deploy capital across primarily European companies (with at least ~75% of investees registered in Europe at the time of investment) and aims for average ticket sizes of around €500 k, roughly double that of its predecessor fund. It expects to lead or co‑lead 30‑40 investments, leveraging its community of founders and ecosystem of LPs to create access, scale and value.

Cathay Innovation Fund III is a €1 billion global venture capital fund launched by Cathay Innovation to invest in startups driving the sustainable transformation of industries and society. The fund focuses on application-layer AI companies across sectors such as digital health, fintech, consumer applications, and energy/mobility. It targets Series A to late-stage startups, with investment amounts ranging from €5 million to €80 million. Fund III is backed by institutional investors and multinational corporations, including Sanofi, TotalEnergies, and BNP Paribas Cardif. The fund aims to support companies that are accelerating the sustainable transformation of industries and society through next-generation technologies, business models, and platforms. Cathay Innovation leverages its global investment platform and extensive corporate ecosystem to provide startups with access to new markets and strategic partnerships. The fund integrates sustainability into every step of the investment cycle to measure, track, and maximize the impact of startups while helping entrepreneurs build more responsible, resilient businesses. Cathay Innovation has a strong investment track record, having backed over 120 early-stage startups across Europe, Asia, and North America. Of these, 19 have become unicorns, including Chime Bank, Wallbox, Ledger, and Glovo. Fund III continues this legacy by investing in companies with high growth potential and the capacity to expand internationally, aiming to empower businesses to lead the large markets of the future.

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.

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.

Equitage Ventures Fund I is a $47.3 million early-stage venture capital fund launched in April 2025 by Denver-based Equitage Ventures. The fund focuses on investing in technology and technology-enabled services that address the physical, mental, spiritual, and social needs of older adults. Led by a team of seasoned investors and operators—Russell Hirsch (co-founder of Generator Ventures), Adam Kaplan (CEO of Solera Senior Living), and Daniel Kaplan (AgeTech investor)—the fund aims to reshape how senior care is delivered through innovation and scale. Equitage partners with senior living and skilled nursing operators, home health and hospice agencies, healthcare tech firms, and consumer brands. These limited partners not only provide capital, but also strategic input, distribution channels, and hands-on support to accelerate portfolio growth. The fund focuses on critical areas of need and opportunity, including compliance infrastructure, documentation automation, passive monitoring, dementia and behavioral health, oral health, care navigation, and family caregiving support. Equitage takes a founder-friendly, collaborative approach, often investing between $250,000 and $2.5 million per company, and positioning itself as a long-term partner offering more than just capital. The fund seeks to create meaningful change in senior care by supporting scalable, impactful innovations across the U.S.

Eurazeo Growth Fund IV is a European growth‑phase private equity vehicle co‑managed by Eurazeo and Idinvest Partners and headquartered in Paris. It focuses on backing scale‑up companies through tickets of €25–100 million per investment. The fund invests in digital transformation leaders across fintech, enterprise software, digital health, marketplaces, cybersecurity, and infra‑tech. Its first investment was in Cognigy—a business‑productivity software firm—on June 11, 2024, signaling a strong entry into deep tech and AI opportunities. By end‑2024, EGF IV achieved ~5% gross value uplift from its early portfolio, aligned with Eurazeo’s performance track record in growth funds, and continues to leverage the firm’s operational and international ecosystem to support expansion and exits across European markets.

First Round Capital X is the tenth flagship venture fund of First Round, focused on early-stage technology, AI, fintech, consumer, web3, and adjacent sectors. It aims to back visionary founding teams with differentiated insight into market opportunities. The fund’s strategy is hands-on: investing at seed and Series A stages, embedding operational support, recruiting, product & go-to-market growth, and leveraging First Round’s network and resources to accelerate scaling. The target fund size is USD 500 million, reflecting significant ambition and fundraising momentum. First Round X builds on the firm’s deep prior experience and brand to source high-potential deals and back breakout outcomes. While the primary focus is U.S.-based startups, the fund remains open to globally distributed or cross-border teams that align with its sector themes and market potential. The objective is differentiated returns via early-stage exposure backed by strong support and conviction.

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.

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

Hg Saturn 4 is the latest iteration of Hg’s large-cap buyout strategy, focusing on software and services businesses with enterprise values exceeding $1.5 billion. Launched in December 2024, the fund aims to make 8–10 platform investments, each requiring equity checks of over $1.25 billion. Hg Saturn 4 continues Hg's commitment to investing in resilient, mission-critical software companies that exhibit strong recurring revenues and significant growth potential. The fund targets companies operating in sectors such as tax and accounting, ERP and payroll, legal and regulatory compliance, healthcare IT, and insurance software. These sectors align with Hg's expertise and historical investment success, allowing the firm to leverage its deep industry knowledge and operational support to drive value creation. Hg Saturn 4's investment strategy emphasizes both organic growth and strategic acquisitions to scale its portfolio companies effectively. Geographically, Hg Saturn 4 focuses on European-headquartered and transatlantic businesses, many of which have a global footprint. The fund seeks to deliver a gross multiple on invested capital (MOIC) of 3.0x and a gross internal rate of return (IRR) between 20% and 25%. Hg's disciplined investment approach and sector specialization position Saturn 4 to capitalize on opportunities in the evolving software and services landscape.

The $750 million private equity multi-asset continuation fund announced by Hildred Capital is focused on healthcare and specializes in partnering with middle-market companies. The fund was structured to align the interests of the general partnership and limited partners, with the co-founders rolling over 100% of their economic interests into the continuation fund. Limited partners had the option to roll all, sell all, or sell a portion of their interests and roll a portion into the continuation fund. This fund aims to provide additional committed capital for companies to execute organic growth initiatives, pursue strategic acquisitions, and continue to drive operating leverage. It has generated significant liquidity and attractive returns for selling limited partners while also providing new investors with the opportunity to participate over time in the appreciation of strong and growing companies.

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.

JMI Equity Fund XII is the twelfth flagship growth equity fund from JMI Equity, launched in 2025 with a target size of $2.4 billion, matching the amount raised by its predecessor, Fund XI. The fund continues JMI's strategy of investing in high-growth software and technology-enabled services companies across North America. JMI typically makes minority and majority investments ranging from $25 million to $250 million in companies with proven business models, high recurring revenue, and strong growth potential. Fund XII is led by Managing Partner Peter Arrowsmith, following a leadership transition in which co-founder Harry Gruner became Executive Chairman. The firm has a team of over 40 investment professionals across offices in Baltimore, San Diego, and Washington, D.C. JMI's investment approach emphasizes partnering with management teams to drive operational improvements and long-term value creation. The fund has attracted commitments from several institutional investors, including the Kansas Public Employees Retirement System ($110 million), Massachusetts Pension Reserves Investment Management Board ($150 million), and New Mexico State Investment Council ($75 million). These commitments reflect confidence in JMI's consistent performance and focus on the technology sector.

Lakestar Early IV is an early-stage venture capital fund managed by Lakestar. The fund is domiciled the United Kingdom. The fund will focus their investments across geographies, with a focus on Europe in sectors such as AI, digitalisation, deep tech, healthcare, and fintech. The funds are aligned with Lakestar’s commitment to forge a stronger future for Europe by nurturing the region’s innovation and tech ecosystem through the funding of business models which support economic growth and social prosperity. The fund closed in April 2024 together Lakestar Growth II with $600 million.

Lakestar Growth II is a growth venture capital fund managed by Lakestar. The fund is domiciled the United Kingdom. The fund will focus their investments across geographies, with a focus on Europe in sectors such as AI, digitalisation, deep tech, healthcare, and fintech. The funds are aligned with Lakestar’s commitment to forge a stronger future for Europe by nurturing the region’s innovation and tech ecosystem through the funding of business models which support economic growth and social prosperity. The fund closed in April 2024 together Lakestar Early IV II with $600 million.

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

Main Capital Partners has launched a €520 million continuation fund aimed at supporting the long-term development of select enterprise software companies. This fund focuses on acquiring and holding meaningful positions in three existing portfolio businesses: SDB (HealthTech), MACH AG (GovTech), and Björn Lundén (financial administration software). Each company demonstrates strong fundamentals and operates in sectors with structural digitalization trends across Europe. The continuation vehicle provides fresh capital and additional time to execute structured growth strategies, primarily through buy-and-build approaches. Main Capital Partners will continue working closely with the management teams to drive both organic initiatives and targeted acquisitions that expand product offerings and geographic reach. Designed with long-term value creation in mind, the fund allows for extended ownership periods, ensuring continuity in governance and strategy execution. It also offers liquidity options for current investors while bringing in new long-term oriented partners aligned with Main’s vision for scaling mission-critical software platforms.

Main Capital Partners is a private equity buyout fund based in The Hague (Netherlands) that invests in the software sector. Main Capital VIII closed at its hard caps of €1.9 billion in just 6 months’ time, well past their initial target size. The fund was substantially oversubscribed. Main Flagship invests in mature and growing software businesses with equity tickets over from €20 million to €150 million, focusing on fueling growth through strategic acquisitions. The fund had a significant re-up rate of 115% from existing limited partners (LPs), demonstrating strong support from the LP base. A notable aspect of the fundraising is the increasingly global institutional LP base, with close to 25% of commitments coming from US investors. Its portfolio companies are supported by in-house Market Intelligence & Performance Excellence teams, providing access to proprietary data & research and best practices on go-to-market strategies, technology, finance, and M&A. Main is deeply connected with the local software ecosystems in its core markets, including Benelux, DACH, Nordics, and the US. Main’s key goal is to build larger international software groups, based on organic growth and acquisitions, in approximately 10 defined product-markets such as Healthtech, Govtech, HRtech, and Cybersecurity. Main Capital Partners did not use a placement agent for the fundraising, and Loyens & Loeff acted as legal counsel. The successful closing of the funds reinforces Main’s position as a European leader in software buyouts and signifies the continued trust and support it has received from its LPs. Over the years, Main has realized close to 30 exits with a weighted average return over 4x and a loss rate well below 0.5%, demonstrating the firm’s strong investment performance and specialized focus on Enterprise Software investing."

Main Foundation II is a private equity fund based in The Hague (Netherlands) investing in software growth companies. Main Foundation II closed at its hard caps of €500 million in just 6 months’ time, well past their initial target size. The fund was substantially oversubscribed. Main Foundation invests in high-growth software businesses with equity tickets below €20 million, focusing on organic growth. The fund invests in companies with headquarters in Benelux, DACH and the Nordics. The fund had a re-up rate of 115%. Besides re-ups from existing investors, Main attracted many new investors, amongst which were reputable institutional investors such as APG (on behalf of its client ABP), Tecta Invest and Texas County and District Retirement System. Existing investors, such as Hamilton Lane, increased their commitments.

Marathon Fund III is the latest €75 million seed-stage fund from Athens-based Marathon Venture Capital. The firm continues its mission to be a “Day One partner” to Greek tech founders, focusing on those building globally competitive companies from the outset. This new vehicle brings Marathon’s total assets under management to €175 million, reflecting the firm’s growing influence in the European venture ecosystem. Marathon’s investment thesis centers on founders addressing complex challenges in significant markets. These challenges often require specialized knowledge, such as advanced research expertise, or navigating regulated and overlooked industries like power grid management. The firm emphasizes capital efficiency and resilience, qualities inherent in the Greek tech community, enabling startups to serve global markets effectively from their inception. The firm has a track record of successful investments, including the acquisition of Augmenta by CNH Industrial for $110 million and a secondary sale of shares in Hack the Box to The Carlyle Group. These exits underscore Marathon's ability to identify and support startups with significant growth potential and global appeal.

Mayfield Select III, also known as Mayfield Spring, is a $375 million venture capital fund launched by Mayfield in May 2023. This fund is designed to invest in Series B rounds, focusing on both follow-on investments in breakout companies from Mayfield's existing portfolio and new opportunities outside of it. The fund aims to support companies that have demonstrated early product-market fit and are poised for significant growth. The fund targets sectors at the intersection of technology and biology, including human-centered AI, the data economy, developer-first technologies, semiconductors, cybersecurity, deeptech, Web3, and human and planetary health. Mayfield's investment philosophy emphasizes a people-first approach, partnering closely with founders to build enduring companies. With Mayfield Select III, the firm continues its tradition of backing visionary entrepreneurs during pivotal growth stages, providing not just capital but also strategic guidance and support. The fund reflects Mayfield's commitment to fostering innovation and addressing some of the most pressing challenges and opportunities in today's rapidly evolving technological landscape.

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

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