Most Active Biotech Investors 2026
The most active investors in biotech and biopharma private rounds in 2026 — venture capital, multi-stage crossover, hedge fund, corporate venture, asset manager, and PE/buyout participants in private equity rounds of US$20M or more. Ranked by deal count year-to-date, with investor type, AUM, HQ, and a one-line description.
US$20M+ rounds | 1 Jan – 17 May 2026 | Last updated 17 May 2026
| # | Investor | Type | Deals YTD | AUM | HQ | What they do |
|---|---|---|---|---|---|---|
| 1 | RA Capital Management | Multi-Stage | 33 | $10.0B | Boston, MA | Boston biotech-focused crossover; healthcare and life sciences across private and public stages. |
| 2 | Janus Henderson Investors | Asset Manager | 26 | $479.6B | London, United Kingdom | London-listed global asset manager; multi-asset including biotech equities. |
| 3 | OrbiMed | Multi-Stage | 17 | $20.0B | New York, NY | NY healthcare-focused crossover; biopharma, life sciences, devices, diagnostics. |
| 4 | TCG Crossover Management | Multi-Stage | 14 | $5.1B | Palo Alto, CA | Palo Alto healthcare crossover; US and Europe focus. |
| 5 | Vivo Capital | Venture Capital | 13 | $7.5B | Palo Alto, CA | Global biopharma VC; specialty pharma, devices, and life sciences across stages. |
| 6 | Venrock | Venture Capital | 12 | $2.9B | Palo Alto, CA | Bay Area generalist VC with longstanding life sciences franchise. |
| 7 | Eli Lilly | CVC | 12 | -- | Indianapolis, IN | Pharma strategic; direct equity in biotech aligned with Lilly therapeutic areas. |
| 8 | Balyasny Asset Management | Hedge Fund | 11 | $248.1B | Austin, TX | Multi-strategy hedge fund; equities, macro, commodities. |
| 9 | Adage Capital Management | Hedge Fund | 11 | $70.4B | Boston, MA | Fundamental long/short hedge fund; value, small/mid-cap, event-driven. |
| 10 | Qiming Venture Partners | Venture Capital | 11 | $9.5B | Shanghai, China | Global VC with deep China healthcare franchise; multi-sector. |
| 11 | Frazier Healthcare Partners | PE/Buyout | 11 | $7.7B | Seattle, WA | Healthcare-focused PE/VC across pharma, devices, and services. |
| 12 | Cormorant Asset Management | Multi-Stage | 11 | $3.8B | Boston, MA | Biotech-focused life sciences crossover; private and public. |
| 13 | Logos Capital | Multi-Stage | 11 | $2.3B | San Francisco, CA | Biotech-focused fundamental investor; sector-oriented equity. |
| 14 | RTW Investments | Multi-Stage | 9 | $14.1B | New York, NY | Life-sciences-focused multi-stage investor; US and Europe. |
| 15 | The Invus Group | PE/Buyout | 9 | $10.0B | New York, NY | NY generalist PE; consumer, food, tech, and life sciences. |
| 16 | Deep Track Capital | Multi-Stage | 9 | $8.4B | Greenwich, CT | Biotech and life sciences-focused crossover; long-duration capital. |
| 17 | LAV (Lilly Asia Fund) | CVC | 9 | $5.9B | Hong Kong | Lilly's Asia CVC; biopharma, devices, and diagnostics across China and US. |
| 18 | ADAR1 Capital Management | Multi-Stage | 9 | $1.7B | Austin, TX | Healthcare/biotech-focused hedge fund; long/short, credit, options. |
| 19 | Novo Holdings | Venture Capital | 8 | $108.9B | Hellerup, Denmark | Novo Nordisk Foundation's investment arm; global life sciences across stages. |
| 20 | BVF Partners | Multi-Stage | 8 | $6.1B | San Francisco, CA | Biotech-only fundamental equity hedge fund manager. |
| 21 | Foresite Capital | Multi-Stage | 8 | $3.2B | Larkspur, CA | Healthcare crossover; therapeutics, life sciences, and healthcare tech. |
| 22 | Samsara BioCapital | Venture Capital | 8 | $2.2B | Palo Alto, CA | Bay Area healthcare VC; US focus. |
| 23 | Trails Edge Capital Partners | PE/Buyout | 8 | $933M | Atlanta, GA | Atlanta generalist PE. |
| 24 | Marshall Wace | Hedge Fund | 7 | $70.0B | London, United Kingdom | London-listed multi-strategy hedge fund; quant and fundamental long/short. |
| 25 | Woodline Partners | Hedge Fund | 7 | $22.0B | San Francisco, CA | SF fundamental hedge fund; tech, healthcare, consumer, energy, industrials. |
| 26 | ARCH Venture Partners | Venture Capital | 7 | $9.0B | Chicago, IL | Chicago deep-science VC; early-stage life sciences franchise. |
| 27 | Forbion | Venture Capital | 7 | $5.9B | Naarden, Netherlands | European biotech VC; therapeutics, planetary and human health. |
| 28 | Alexandria Venture Investments | Venture Capital | 7 | $2.0B | Pasadena, CA | Alexandria Real Estate's VC arm; healthcare and life sciences-adjacent. |
| 29 | Coastlands Capital | Hedge Fund | 7 | $785M | San Francisco, CA | SF hedge fund manager. |
| 30 | Wellington Management | Asset Manager | 6 | $1.43T | Boston, MA | Mega asset manager; multi-asset including biotech equities. |
| 31 | Perceptive Advisors | Multi-Stage | 6 | $8.5B | New York, NY | Healthcare-focused multi-stage investor; biotech, devices, diagnostics. |
| 32 | Vestal Point Capital | Hedge Fund | 6 | $5.5B | New York, NY | NY long/short equity hedge fund. |
| 33 | Nantahala Capital Management | Hedge Fund | 6 | $3.1B | New Canaan, CT | Fundamental small/micro-cap hedge fund; long/short equity. |
| 34 | SR One Capital Management | Venture Capital | 6 | $2.4B | Redwood City, CA | Biotech VC (formerly GSK CVC); life sciences focus. |
| 35 | Commodore Capital | Venture Capital | 6 | $2.4B | New York, NY | NY biopharma-focused VC. |
| 36 | Affinity Asset Advisors | Hedge Fund | 6 | $1.7B | New York, NY | Pharma/biotech-focused long/short equity hedge fund. |
| 37 | Spruce Street Capital | Hedge Fund | 6 | $555M | New York, NY | NY hedge fund. |
| 38 | Korea Development Bank | Investment Bank | 6 | -- | Seoul, South Korea | Korean state-backed bank; corporate and investment banking activities. |
| 39 | Hillhouse Investment Group | PE/Buyout | 5 | $100.0B | Beijing, China | Asia mega-PE/VC platform; multi-sector including healthcare. |
| 40 | GV | CVC | 5 | $10.0B | San Francisco, CA | Alphabet's CVC; life sciences, enterprise, frontier tech. |
| 41 | 5Y Capital | Venture Capital | 5 | $5.0B | Shanghai, China | China PE/VC; multi-sector including healthcare. |
| 42 | Redmile Group | Multi-Stage | 5 | $4.8B | San Francisco, CA | SF healthcare-focused crossover; life sciences and oncology. |
| 43 | Atlas Venture | Venture Capital | 5 | $2.7B | Cambridge, MA | Cambridge biotech-only VC; early-stage. |
| 44 | Omega Funds | Venture Capital | 5 | $1.8B | Boston, MA | Boston life sciences VC; oncology, immunology, rare disease. |
| 45 | Great Point Partners | PE/Buyout | 5 | $1.8B | Greenwich, CT | Healthcare PE; supply chain, services, IT-enabled, medical devices. |
| 46 | Sanofi Ventures | CVC | 5 | $1.4B | Cambridge, MA | Sanofi's CVC; early-stage biotech and digital health. |
| 47 | Caligan Partners | Hedge Fund | 5 | $1.1B | New York, NY | NY long/short equity hedge fund. |
| 48 | venBio | Venture Capital | 5 | $1.0B | San Francisco, CA | SF biotech VC; drug discovery focus. |
| 49 | Driehaus Capital Management | Asset Manager | 5 | -- | Chicago, IL | Chicago growth-equity and multi-asset alternatives manager. |
| 50 | Sanofi | CVC | 5 | -- | Gentilly, France | Pharma strategic; immunology, vaccines, rare disease focus. |