Binary risk. Regulated markets. Scientific complexity.
Biotech requires specialized expertise from GPs—and specialized tools for LPs to evaluate them. We help you see what traditional metrics can't.
Biotech generates some of the highest returns in venture capital. But as the last five years have shown, the tech playbook doesn't work here.
The difference isn't that biotech is harder. It's that success requires understanding a different set of variables, ones that traditional LP frameworks aren't built to capture.
The opportunity is there. You just need the right data and framework to see which managers can capture it.
We track representative portfolios at the company level, isolating which investments drove returns and whether there are repeatable patterns in a manager's picks.
We reconstruct when funds sold positions to reveal how much return comes from market timing vs. company selection.
Our proprietary framework separates intrinsic value (strong science/commercialization) from strategic value (M&A appeal) from speculative value (narrative/hype). See whether managers pick fundamentally sound companies or just ride waves.
Which strategies win when biotech is hot? When it's cold? When pharma is buying? When capital is scarce? We identify which managers adapt, and which just got lucky.
We tailor our analysis to where you are in your process:
Prioritize which managers deserve your time. Filter signal from noise before you take the first meeting. We can provide landscape-level analysis or quick assessments of specific managers.
You've heard good things. The deck looks impressive. Returns are strong. But is it skill or a hot market? We provide detailed analysis to help you gain conviction before you commit.
Understand the biotech VC landscape. See which strategies and archetypes are working—and where there might be white space. We can map the ecosystem and help you think through portfolio construction.
Backchannel for ad-hoc questions about managers, strategies, and market dynamics as they come up.
Scope and pricing depend on what's useful for you. Some engagements are one-off analyses. Others are ongoing relationships. We're flexible.
See an example of how we model venture fund returns
In-depth analysis of specific biotech VCs and what drives their returns
How biotech requires a different framework for identifying winning strategies
Biotech can generate huge returns. But the shape of the returns curve requires a different portfolio strategy than in tech VC.
Book an introductory call. Come with your questions about biotech funds, strategies, or technologies. We'll help you think through them. In many cases, one conversation gives you what you need.
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