Biotech Venture Capital Firms: Who Is Raising Life Sciences Funds Right Now and How to Approach Them

Biotech venture capital firms are active, but the money is not spread evenly. Between September 28 and October 21, 2026, we counted 42 new health and life sciences investment vehicles in regulatory filings, after removing eight healthcare real estate funds. Twelve of them were labeled venture capital funds. One of those, TCGX Asia Life Sciences Fund I at $600 million, accounts for almost all the venture dollars. The other eleven reported about $23 million between them, with a median near $280,000. This guide breaks the list into the types of investor behind it, so a founder can tell who is a realistic target for a private raise.

How to Read the List

A filing shows that a vehicle exists and how much it reports as sold. It does not show a final close, a target size or the investors. Many vehicles also appear twice, because a main fund and its feeder fund can report the same amount, so we do not add the totals together. Treat the amounts below as filed figures, and check each firm's own announcements before you pitch.

The 42 vehicles fall into four groups: 15 private equity funds, 12 venture capital funds, eight hedge funds and seven other investment funds. The label matters less than what the vehicle buys.

Venture and Crossover: TCGX Asia Life Sciences Fund I

The clearest biotech venture story in the filings is TCGX. The firm announced on October 7, 2026 that it had closed its Asia Life Sciences Fund I at $600 million, oversubscribed. It invests in Asian biotech companies across development stages and runs separately from TCGX's US and Europe flagship funds. The firm is opening offices in Shanghai and Hong Kong, and Dandan Dong will lead the Asia activity as managing partner. Dr. Chen Yu is the founder and managing partner. TCGX raised its first fund in 2021 with $824 million for crossover and public investments, according to Fierce Biotech.

Coverage does not name portfolio companies or check sizes. If you are an Asian biotech founder with clinical data, this is a firm to research. If you are not, it is still a signal that large pools of capital are being set aside for biotech outside the US.

Established Biotech Venture Capital Firms

Most founders searching for biotech venture capital firms also want the names that have backed the sector for years. These are not new filings. They are well-known firms, with the latest fund we could confirm from public announcements. Newer funds may exist, so check each firm's own site.

• ARCH Venture Partners: closed ARCH Venture Fund XIII at more than $3 billion in September 2024, for early-stage biotech. Fund XII raised about $2.9 billion in 2022.
• Flagship Pioneering: raised $3.6 billion in 2024, with $2.6 billion for its eighth venture fund and $1 billion for side funds. It builds new companies in human health, sustainability and AI.
• Third Rock Ventures: announced a $1.1 billion Fund VI in June 2022, and says it has raised $3.8 billion in total.
• Atlas Venture: closed Fund XIV at $450 million in December 2024, the same size as its previous fund, for early-stage biotech.
• OrbiMed: has reported more than $1.86 billion for OrbiMed Private Investments IX, alongside royalty and credit funds. It invests across the US, Asia and Europe.
• Sofinnova Partners: closed Sofinnova Capital XI at 650 million euros in November 2025, for early-stage biotech and medtech in Europe and North America.

These firms usually lead early rounds and fund new company formation, so they fit a seed round or Series A with strong science. Compare them with the angel groups and newer vehicles below, which fit earlier or smaller raises.

Growth Equity: 270 Healthcare Growth Fund I and West Street Life Sciences II

Growth funds back companies that already have assets or revenue. 270 Healthcare Growth Fund I reported $113.9 million in a filing dated September 29, and a Luxembourg feeder vehicle reported the same amount. The signer, Gaurav Gupta, is a managing partner of Life Science Private Capital at J.P. Morgan Private Capital. A set of employee vehicles named West Street Life Sciences II also appeared, with no amount reported. Goldman Sachs Asset Management closed its first West Street Life Sciences fund at $650 million in January 2024, focused on early to mid-stage therapeutics companies with several assets, plus tools and diagnostics. We found no announcement for the second fund, so the filings are the only public sign that it is in motion.

Hedge and Public Funds: Not Where Most Founders Should Pitch

Eight hedge fund vehicles filed, including PFM Healthcare, Jennison Global Healthcare, Sofinnova BioEquities and Janus Henderson Biotech Innovation Fund II. They report the largest amounts, $4.6 billion combined, but the figures overlap across feeder and master structures. These funds mainly buy shares in listed companies. Some, such as Janus Henderson's original biotech fund, have been reported to place a share of capital in pre-IPO rounds. For a private company, they matter once you are close to an IPO or a crossover round.

Small Angel and Deal-by-Deal Vehicles

The most useful group for early founders is also the least visible. Eighteen of the 42 vehicles are small angel-group or single-company vehicles, with a median of about $305,000. Many are named as a series of a shared umbrella company, a common way for angel groups to pool a cheque into one company. Names in the filings include Carolina Angel Network, Hertz Angels and Nittany Angels.

Carolina Angel Network is a University of North Carolina-affiliated group that requires a UNC connection and invests close to $1 million per deal, according to UNC. Its focus is mostly diagnostics and devices rather than drug development, based on directory listings. Other filings name company-specific vehicles for Beacon Biosignals and StradBio. These are the investors who write the first cheque, often alongside a syndicate or an SPV. Browse the angel investor directory for more.

The India Angle

India shows up once. 360 ONE Healthcare Feeder Fund reported $5.6 million. 360 ONE Asset has said its healthcare fund targets about Rs 1,000 crore in minority stakes across 8 to 12 deals, with a focus on medical devices and diagnostics, based on a November 2024 interview. That is a fit for device, diagnostics and hospital-services founders, not for early drug discovery.

Which Investor Fits Your Stage

Match the investor to your milestone. Preclinical and early diagnostics companies should start with angel groups and specialist seed funds. Companies with early human data fit venture and crossover funds, and companies with an approved product or a late-stage asset fit growth funds. Public-market funds come last.

How to Approach Biotech Investors

Start with a warm introduction from a scientific adviser, a portfolio founder or a lawyer. Your first message should state the target, the data you have, the next milestone and how much you are raising. Prepare your science carefully, since investors will run due diligence on your data, patents and trial plans. Ask whether the firm expects to be a lead investor, and read the term sheet for milestone-based tranches before you sign. Keep your cap table clean and model your dilutionacross at least two rounds.

What to Watch Next

Watch whether TCGX names its first Asia investments, and whether Goldman announces the size of its second life sciences fund. Weekly health and life sciences filings in our data slowed from 19 in the week of September 28 to 13 and then 12, and the current week is only partly counted.

Browse the biotech investor directory for more active funds, or explore active capital on AngelLinx @ angellinx.ai/register.

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