About This Fund
The Thematic Private Equity Health Fund is the first healthcare-focused private equity vehicle in the thematic fund franchise managed by Pictet Alternative Advisors (PAA), the alternatives investment arm of the Pictet Group — one of Switzerland's largest private banking and asset management groups. The fund achieved its final close on December 13, 2023, with total commitments of USD 320 million, exceeding its target of USD 300 million and reflecting strong institutional demand for specialist exposure to private healthcare. The fund is managed by Yann Mauron PhD, David Braga Malta PhD, and Chiara Brambillasca, a team that combines scientific and investment expertise across the healthcare technology spectrum. The Thematic Private Equity Health Fund is the second vehicle in PAA's thematic franchise, following a technology-focused fund that closed at USD 350 million in September 2021, bringing total thematic fundraising to approximately USD 950 million across the two strategies.
The fund pursues a globally diversified fund-of-funds and co-investment strategy, making primary commitments to healthcare-focused venture capital, growth equity, and buyout funds, complemented by direct co-investments alongside general partners. Investment focus encompasses five high-conviction segments within the healthcare ecosystem: therapeutics (biopharmaceuticals, cell and gene therapy), diagnostics and medical testing, digital health (software-enabled care, health IT), medical technology and devices, and healthcare services providers. This cross-stage, cross-sector approach creates a diversified portfolio of private healthcare companies that benefits from structural demographic and scientific tailwinds, including ageing populations, the revolution in biologics, and the digitisation of clinical care.
PAA's thematic private equity platform leverages Pictet Group's extensive global network of general partner relationships and institutional deal flow to source and access leading healthcare funds globally, from early-stage biotech-focused VCs in the United States and Europe to late-stage healthcare buyout funds in North America and Asia. The investor base comprises institutional investors and high-net-worth individuals seeking concentrated, specialist access to private healthcare markets — a growing demand segment as conventional equity markets increasingly under-represent early-stage healthcare innovation. Combined with PAA's prior thematic technology fund, the Health Fund expands Pictet's presence in private markets thematic investing as a disciplined, research-driven allocator.