Cure
Overview
These five healthcare-focused funds raised or launched capital in late 2025, with $4.5B to deploy across biotech, medtech, and digital health, including in the US.
Five healthcare-focused funds raised or launched significant capital in late 2025, together representing roughly $4.5 billion to deploy across biotech, medtech, and health technology. These investors span early-stage venture, asset-centric biotech funding, corporate venture, and private equity, reflecting the range of capital now shaping how healthcare companies get built and scaled.
While several of these firms are based outside the US, all are actively investing in US-based companies, from early clinical biotech to medtech startups and healthcare services businesses. For founders, this mix highlights what kinds of companies and stages different pools of capital are actually designed to support.
Here's a quick look at each fund and what they are looking to invest in.
1. GHO Capital — $2.9 billion
London-based GHO Capital closed its fourth fund at more than €2.5 billion ($2.9 billion) in October, making it the largest healthcare-focused private equity firm based in Europe. The firm takes a different approach than traditional venture capital by buying and scaling mid-market healthcare companies rather than backing early-stage startups.
The fund targets biopharma services, medtech, life science tools and diagnostics, healthcare data and health technology businesses. Recent investments include Avid Bioservices, a biologics manufacturer, AI-powered research platform Scientist, and FotoFinder Systems, a skin diagnostics company.
2. Sofinnova Partners — $750 million
Sofinnova Partners closed its eleventh flagship fund at €650 million ($750 million) in November, beating its initial target. The Paris-based firm backs early-stage biotech and medtech companies in Europe and North America.
Founded in 1972, Sofinnova has invested in more than 500 companies. The new fund is already deploying capital, with a focus on company creation and early clinical development. Sofinnova manages more than €4 billion across its platform.
3. Medicxi — $540 million
Medicxi closed its fifth fund at €500 million ($540 million) in November. The London-based firm focuses on what it calls "asset-centric" investing, meaning it backs companies built around specific drug candidates rather than broad technology platforms.
The fund supports both new company creation and existing biopharma companies at all stages. Recent exits include ViceBio to Sanofi, Versanis Bio to Eli Lilly, and ProfoundBio to Genmab.
4. Olympus Innovation Ventures — $150 million
Olympus launched its second corporate venture fund in December with $150 million to invest in medtech startups. The fund targets companies working in gastrointestinal, urology, and respiratory care.
As a corporate venture arm, Olympus is looking for startups that fit its endoscopy and medical technology business. Portfolio companies get access to the company's clinical expertise and global commercialization network. Since launching in 2021, the fund has made nine investments in areas like AI workflow tools and cancer detection imaging.
5. T1D Fund — $150 million target
The T1D Fund launched a $150 million fundraising campaign in October to back companies developing treatments, prevention strategies and potential cures for type 1 diabetes. The fund had secured more than $60 million in commitments at the time of the announcement.
The fund invests across stages, from seed to public companies, and currently has more than 25 companies in its portfolio. Its focus is on disease-modifying therapies, including autoimmune and regeneration approaches, cell replacement and metabolic control. Previous investments have spanned across beta cell therapies, immunotherapies and devices to improve diabetes management.
