PitchBook-2023年上半年医疗基金报告（英）-2023

H1REPORTPREVIEWThe

fullreport

is

availablethroughthePitchBook

Platform.2023INDUSTRY

RESEARCHHea

lthca

reFu

nds

Repor

tPE

and

VC

fundraising

and

performanceContentsKeytakeaways2PitchBookData,Inc.John

Gabbert

Founder,CEOIntroduction3NizarTarhuni

Vice

President,

Institutional

Research

and

EditorialPaul

Condra

Head

ofEmerging

Technology

ResearchHealthcarespecialistfundraisingtrendsHealthcarespecialistperformanceManagerlists46InstitutionalResearchGroup9AnalysisInclusioncriteriaand

categories28Rebecca

Springer,Ph.D.Lead

Analyst,

Healthcarerebecca.springer@Key

takeawaysData•

The

PitchBook

Healthcare

Funds

Report

offersacomprehensive

guideto

450

healthcare

andlifesciencesspecialist

managers

across

bothprivateequity

andventurecapital.

Clients

can

interactwithdynamic

manager

liststoviewinvestments,

benchmarked

returns,key

personnel,

andmore

on

the

PitchBook

Platform.Collin

AndersonData

Analystpbinstitutionalresearch@Publishing•

Across

asset

classes,

2021

wasastandout

fundraisingyear

for

healthcare

specialists,

largely

dueto

theCOVID-19pandemic.Fundraisingnormalized

quickly

for

VC

lifesciences

funds

but

has

remainedelevatedfor

PE

healthcarefunds

and

VC

healthcare

fundsthatdo

not

focus

onlifesciences(alsoreferredto

as

“VC

other

healthcare”).ReportdesignedbyJuliaMidkiffPublished

on

August

7,

2023Clickhere

for

PitchBook’s

report

methodologies.•

Comparing

the

performanceofhealthcare

specialistfundsto

other

funds,

PE

healthcare

specialistsslightlyoutperform,

while

VC

lifesciences

specialists

outperformwhen

measuring

IRR

and

underperform

when

measuringTVPI.VC

healthcare

specialiststhatdo

not

focus

onlifesciences

noticeably

underperforminour

data,

though

datacounts

arelowforthiscategory.•

Read

our

inclusioncriteriafor

the

manager

listsinthisreport

on

page

28.To

update

yourfirm’sclassification

or

fund

data,

please

reach

outtorebecca.springer@.2H1

2023

HEALTHCARE

FUNDS

REPORTIntroductionAs

thePEand

VC

industrieshavematuredand

becomemorecompetitive,managersand

allocatorshaveplacedagrowingemphasison

operationalsophisticationand

sectorspecialization.Healthcareisapopularspecializationstrategybecause

oftheindustry’scomplexregulatoryframeworks,corporatestructures,

and

revenuearchitectures,nottomentionthescientificrigornecessary

toproperlydiligencetechnology

opportunities,

particularlyinlifesciences.Additionally,manyallocatorsareinterestedinexposuretohealthcarebecause

oftheindustry’sreputationforacyclicality.AccordingtoCollerCapital,87%ofLPs

believehealthcareand

pharmaceuticalsareattractiveareasforManagerlistsare

included

forthefollowingasset

class

andstyle

types:•

PEbuyout—diversifiedhealthcare•

PEbuyout—healthcareservices

focus•

PEbuyout—lifesciencesfocus•

PEgrowthequity•

Early-stageVC—biopharma•

Multi-/late-stageVC—biopharma•

Early-stageVC—digitalhealthand

healthcareIT•

Multi-/late-stageVC—digitalhealthand

healthcareIT•

Early-stageVC—diversifiedhealthcareand

lifesciences•

Multi-/late-stageVC—diversifiedhealthcareand

lifesciences•

Early-stageVC—diversifiedlifesciences•

Multi-/late-stageVC—diversifiedlifesciences•

Early-stageVC—medtech•

Multi-/late-stageVC—medtech•

CVC—healthsystemsPEinvestmentoverthenext

twoyears.

Finally,manyLPs1recognizeseculartailwindsand

innovationopportunities

inthehealthcareand

lifesciencesindustries,includingagingpopulations,theneed

fordramaticimprovementsinpatientexperiencesand

providerworkflows,

and

thepotentialforAIand

personalizedmedicinetotransformdrug

development.Thisreport

providesallocators,investorrelationsteams,and

othermarketparticipants

withacomprehensiveviewofhealthcarespecialistmanagersacrossPEand

VC

thatareheadquartered

inNorth

America

and

Europe.

Foradetailedexplanationoftheinclusioncriteriaand

categoriesused

inthisreport,

see

page28.•

CVC—pharma•

CVC—medtech•

CVC—payers•

CVC—otherhealthcare•

CVC—other1:“Global

Private

Equity

Barometer,”

Coller

Research

Institute,

Summer

2023.3H1

2023

HEALTHCARE

FUNDS

REPORTINTRODUCTIONHealthcare

specialistfundraisingtrendsPEhealthcarefundraisingactivity49423526252219181514137$2.3$4.22013$5.42014$3.5$6.82016$5.9$7.6$8.82019$9.5$18.32021$18.02022$13.3201220152017201820202023*Capitalraised($B)FundcountSource:

PitchBook

•

Geography:

North

America

and

Europe*AsofJuly

24,

2023Acrossasset

classes,

2021wasastandout

fundraisingyearforhealthcarespecialists.The

COVID-19pandemicbroughtwidespreadattentiontoopportunities

invirtual

caredeliveryand

mRNA

therapeutics,

as

wellas

soaringdemand

formental

healthcareand

rapid/point-of-carediagnostics.2021was,

ofcourse,

aheydayofprivatecapitalfundraisingregardlessofspecialization,as

multipleexpansionand

frothypublicmarketsfacilitatedearlyexitsand

allocatorsreachedforyieldinalow-rateenvironment.Between

2020and

2021,overallPEfundraising

forNorth

American

and

Europeanmanagersincreased34.7%

YoY,

and

VC

fundraising

increasedby51.7%.

However,overthesame

timeframe

and

inthesamegeographies,

PEhealthcarespecialistfundraisingincreasedby92.4%,VC

lifesciencesfundraisingincreased108.1%,and

VCotherhealthcarefundraisingincreased32.4%.VC

lifesciencesfundraisingactivity1207454676257534745393324After

2021,fundraisingforPEhealthcarespecialistswasmuchmoreresilientthanforVC

managers.

Notonlydid2022’sPEhealthcarefundraisingactivity

trackcloseto2021,butthefirst

halfof2023looks

almostas

strong—evenwithoutCapitalraised($B)FundcountSource:

PitchBook

•

Geography:

North

America

and

Europe*AsofJuly

24,

20234H1

2023

HEALTHCARE

FUNDS

REPORTHEALTHCARE

SPECIALIST

FUNDRAISING

TRENDSVC

otherhealthcarefundraisingactivity49413333323223212218169$0.6$1.1$3.2$2.3$4.1$3.5$1.8$4.02019$5.2$6.92021$5.5$2.72012201320142015201620172018202020222023*Capitalraised($B)FundcountSource:

PitchBook

•

Geography:

North

America

and

Europe*AsofJuly

24,

2023accountingforPatientSquareCapital’sunprecedented$3.9billionfirst-timefundraise.

PEhealthcaremanagerstendtoinvestinbusinesses

thatareconsideredrecessionresistant,and

theindustry’sconcentrationinambulatoryprovidergroupsand

pharmaceuticaldistribution,tools,and

servicespositionedtheindustry

on

therightsideofCOVID-19-relatedtrends.

VC

healthcaremanagersnotfocused

on

lifescienceshavealsoheld

upoverthepast

twoyears.

By

contrast,VC

lifesciencesfundraisingnormalizedabruptlyafter

2021,likelydue

tonarrativesshiftingawayfromwhathadbeen

asingularhypecycleforthebiopharmaceuticalindustry.weused

historicaldeal

activity

trendstoestimatethetotaldry

powder—heldbybothspecialistand

semispecialist/nonspecialistfirms—thatislikelytobe

deployedintohealthcarecompaniesinPEand

VC

deals.

We

peg

thisnumber

ataround$125.4

billionheld

byNorth

American

andEuropeanmanagersforhealthcaredeals,

$34.9billionforVClifesciencesdeals,

and

$34.9billionforVC

otherhealthcaredeals.

Forcomparison,UShealthcareexpenditureswere$4.3trillionin2021.

Itisalsoimportant

tonotethatthese

dry2powderfigures

do

notincludecapitalavailabletobe

deployedtonontraditionalinvestors,suchas

corporateventurecapital(CVC)

arms

and

hedge

funds,

or

toinstitutionalinvestors,suchas

sovereignwealthfunds

and

familyoffices,

fordirect

investments.Because

healthcarespecialistmanagersaccountforonlyasmallportion

oftheprivatecapitaldeployedintohealthcare,2:

“NHE

Fact

Sheet,”

Centers

for

Medicare

&Medicaid

Services,

June

14,

2023.5H1

2023

HEALTHCARE

FUNDS

REPORTHEALTHCARE

SPECIALIST

FUNDRAISING

TRENDSHealthcare

specialistperformancePooledIRRs

by

PEsector*30%25%20%15%10%5%0%2012-20142015-2017PE

healthcare2018-2020PESource:

PitchBook

•

Geography:

North

America

and

Europe*AsofJuly

24,

2023Conventionalwisdomholds

thatspecialistmanagers,

byvirtue

oftheirfocusand

operationalexpertise,

outperformgeneralists.

Manyalsobelievethathealthcaremanagersmayoutperform

due

toindustry

tailwindsand

acyclicality.Contrary

tothisassumption,previousPitchBookresearchhasdemonstratedthatsector

specializationisnotcorrelatedwithoutperformance

ineitherPE

or

VC.Domainexpertiseand

deal-sourcingadvantagearecounteredbyanarrowerinvestableuniverseand

greaterexposuretoindustrydislocation;additionally,manygeneralistGPs

operatewithformalor

de

factosector-specializedteams,furthermuddyingcomparisons.

However,our

previousresearchhasnotspecificallyexaminedtheperformance

ofhealthcarespecialists.We

comparedtheperformance

ofhealthcarespecialistsusingthecuratedlistsinthisreport,

backfilled

tocapturemanagersactivebetween

2012and

thepresent.PooledIRRs

by

VC

sector*30%25%20%15%10%5%0%2012-2014VC2015-20172018-2020VClifesciences

VCotherhealthcareSource:

PitchBook

•

Geography:

North

America

and

Europe*AsofJuly

24,

20236H1

2023

HEALTHCARE

FUNDS

REPORTHEALTHCARE

SPECIALIST

PERFORMANCETVPIdispersionby

VC

sector*5.0x4.0x3.0x2.0x1.0x0xVCVClifesciencesVCotherhealthcareVCVClifesciencesVCotherhealthcareVCVClifesciencesVCotherhealthcare2012-20142015-20172018-2020Top

and

bottomquartilerangeTop

decileMedianBottomdecileAverageSource:

PitchBook

•

Geography:

North

America

and

Europe*AsofJuly

24,

2023Comparingequal-weightedpooled

IRRs

and

TVPIs

ofhealthcarespecialistswiththebroader

assetclassessuggested

severalperformance

trends.

PEhealthcarespecialistsinNorth

America

and

EuropeoutperformedrelativetoallPEmanagersinthesame

geographyforthe2012-2014vintagebucketand

performed

about

as

wellasothermanagersformorerecentvintages.ForVC,thepictureisless

rosy.VC

lifesciencesmanagersreturnedsuperiorIRRsrelativetothebroader

VC

industry

intwoofthreevintagebucketsbut

postedconsiderablylowerTVPIs

acrosstheboard.Thismaybe

due

tothecapital-intensivenatureofdrugdevelopment.Meanwhile,VC

healthcarespecialiststhatdonotfocuson

lifesciencesseverelyunderperformed

usingIRRand

moderatelyunderperformed

usingTVPI.

However,itisimportant

tonotethatdatacountsforthisanalysisarelow,particularlyforthe“VCotherhealthcare”category.7H1

2023

HEALTHCARE

FUNDS

REPORTHEALTHCARE

SPECIALIST

PERFORMANCETVPIdispersionby

PEsector*3.0x2.5x2.0x1.5x1.0x0.5x0xAllPEPE

healthcareAllPEPE

healthcareAllPEPE

healthcare2012-20142015-2017Top

decile

Median2018-2020Top

and

bottomquartilerangeBottomdecileAverageSource:

PitchBook

•

Geography:

North

America

and

Europe*AsofJuly

24,

2023Datacounts*IRRTVPI2012-20142015-20172018-20202012-20142015-20172018-2020PE

healthcare1315111812141101716VC

life

sciences22101916VCother

healthcare110810PE232783111183531252247527898332114VCSource:

PitchBook

•

Geography:

North

America

and

Europe*AsofJuly

24,

20238H1

2023

HEALTHCARE

FUNDS

REPORTHEALTHCARE

SPECIALIST

PERFORMANCEManager

listsClicktoviewtheinteractivelistson

thePitchBookPlatform.PEbuyout—diversifiedhealthcare*ManagerFundraising

status

Current/last

fundLast

closed

year

Last

fund

size

($M)HQ

countryUSAltaris

Capital

PartnersAmulet

Capital

PartnersApposite

CapitalOpenAltaris

Health

Partners

VI20212021202120222020N/A$2350.0$650.0$240.0N/AOpenAmulet

Capital

Fund

IIIUSClosedClosedClosedClosedClosedClosedOpenApposite

Healthcare

Fund

IIIArdan

Investment

Co.

VConsonance

Private

Equity

IIEvolve

Healthcare

Partners

FundG

Square

Capital

IIIUKArdan

EquityUSConsonance

Capital$856.0N/AUSEvolve

HealthCare

PartnersG

Square

Healthcare

Private

EquityGreat

Point

PartnersHealthEdge

Investment

PartnersHildred

Capital

ManagementImpiloSpainUK202020222016202220212021202320212023N/A$555.6$506.0$152.0$362.5$699.2$3,000.0$779.0$290.0$3,900.0N/AGreat

Point

Partners

IVUSHealthEdge

Investment

Fund

IVHildred

Capital

Management

Fund

IIImpilo

Pool

IIUSClosedClosedClosedClosedClosedClosedOpenUSSwedenUSLinden

Capital

PartnersMartis

Capital

ManagementNaviMed

CapitalLinden

Capital

Partners

VMartis

Partners

IVUSNaviMed

Partners

Fund

IIPatient

Square

Capital

FundVivalto

Capital

IUSPatient

Square

CapitalVivalto

PartnersUSFranceUSWater

Street

Healthcare

PartnersWindRose

Health

InvestorsClosedClosedWater

Street

Healthcare

Partners

VWindRose

Health

Investors

VI20222023$1,400.0$1,400.0USSource:

PitchBook

•

Geography:

North

America

and

Europe*AsofJuly

24,

20239H1

2023

HEALTHCARE

FUNDS

REPORTMANAGER

LISTSEarly-stageVC—biopharma*ManagerFundraising

status

Current/last

fundLast

closed

year

Last

fund

size

($M)HQ

countryAditum

BioOpenOpenClosedOpenClosedClosedClosedOpenOpenClosedOpenClosedOpenOpenOpenClosedOpenOpenOpenOpenOpenOpenOpenClosedOpenClosedClosedClosedOpenAditum

Bio

Fund

22020201920202021202220212022202220222020N/A$133.0N/AUSAglaia

Oncology

FundsALSA

VenturesAglaia

Biomedical

VenturesALSA

Ventures

Fund

IApollo

Health

Ventures

Fund

IIARCH

Venture

Fund

XIIATEM

Capital

FundNetherlands$59.0$180.0$2,975.0$0.5UKApollo

Health

VenturesARCH

Venture

PartnersATEM

CapitalGermanyUSUSAtlas

VentureAtlas

Venture

Fund

XIIIAyuh

Ventures

Fund

IIBering

Partners

II$450.0N/AUSAyuh

VenturesUSBering

Capital$1.4USBioqube

VenturesCommodore

CapitalCreacion

VenturesInvivo

CapitalBioqube

Factory

Fund

ICommodore

Capital

FundCreacion

Ventures$122.9N/ABelgiumUS2020N/A$155.3N/AUSInvivo

Ventures

FCRJLS

Fund

IISpainUSJLS

Fund2021N/A$5.3KASTx

VenturesKhanu

ManagementLeafy

TunnelKASTx

Life

Science

Fund

IKHAN

Technology

Transfer

Fund

ILeafy

Tunnel

Fund

1N/ACanadaGermanyUK2019N/A$66.6N/ALinden

Lake

Venture

CapitalLongeVCLinden

Lake

Venture

Capital

FundLongeVCFundN/AN/AUSN/AN/ASwitzerlandUSMedFocusJaic-Henson

MedFocus

Fund

IINCL

Health

Technology

Fund

IINewpath

Partners

IIIMEDCAN

FUND20162020202120202022N/AN/ANCL

Technology

VenturesNewpath

PartnersOskare

CapitalN/AUK$358.0N/AUSFranceUSPalo

SantoPalo

Santo

Venture

FundquadraScope

Venture

FundSMO-Nectero$50.0N/AquadraScope

Venture

FundRM

Global

PartnersThe

Conscious

FundThe

Longevity

FundUtopia

SISUS202320212020N/A$0.2USTCFI$2.5USLongevity

Vision

Fund

IIUtopia

Fund$100.0N/AUSItalySource:

PitchBook

•

Geography:

North

America

and

Europe*AsofJuly

24,

202313H1

2023

HEALTHCARE

FUNDS

REPORTMANAGER

LISTSInclusion

criteria

andcategoriesList

inclusionWe

alsolisthealthcarespecialistfunds

thatmeet

thebelowcriteriabut

aremanagedbynonspecialistfirms.

Forfirms

withmultiplefund

families,wereport

thestatusoftheflagshipfund

familywhereverpossible.The

managerslistedinthisreport

meet

thefollowingcriteria:1.

Theyarehealthcarespecialists,withallor

virtuallyalloftheirinvestmentsinhealthcare.

Thisreport

does

notinclude“targeted”

or

semispecialistmanagerswithastrong,but

notexclusive,healthcarefocus(examplesincludeNewEnterpriseAssociates,OakHC/FT,andShoreCapitalPartners).Lists

ofthemost

activeinvestors(regardlessofspecialization)byhealthcarevertical

can

beStrategy

designationForVC,wedeterminedearly-stageversusmulti-/late-stagedesignationusingacombinationofdeal

designationsaccordingtoPitchBook’smethodology,fund

size,andmanager-statedpreferences.ForPE,

wegenerallycategorizedfirms

as

buyoutfirms

(includinggrowthbuyoutstrategies)unlesstheypredominantlymakegrowthequity

or

late-stageVC

investmentsor

stateapreferenceforgrowthequity.CVCinvestorsarecategorizedbytheindustry

oftheparentcorporationratherthanbythefund’sinvestmentfocus.foundinAnalystWorkspaceson

thePitchBookPlatform.3CVCslistedareactivehealthcareinvestorsbut

maynotbespecialists.2.

TheymanageaPEor

VC

fund

or

areaCVCarm.

Mezzanine,privatecredit,and

publicequitiesstrategiesarenotincluded,

nor

arehedge

funds,

funds

offunds,

or

allocatorsthatmaymakedirectinvestments,suchas

pensions,sovereignwealthfunds,

or

familyoffices,

unlesstheyalsomanagePEor

VC

funds.

Fundlesssponsors

aregenerallynotincluded,

withafewexceptionsforimportant

firmsinvestingoff

ofbalancesheetor

otherperpetualcapital.Fundraising

and

performance

dataFundraisingand

performance

dataincludesmanagersandfunds

meetingcriteria1through3on

theleft

withatleastthreeequity

investmentssince2012.Inthisdata,“VClifesciences”includesonlylifesciencesspecialists.Venturefirms

thatsplitinvestmentsbetween

lifesciencesandotherhealthcaresegments

(suchas

healthcareIT,

digitalhealth,and

healthcareservices)areincludedin“VCotherhealthcare.”The

“PE

healthcare”category

includesallbuyoutand

growthfirms.

We

classifyPEroyaltystrategiesasgrowthequity.3.

Theyareheadquartered

in