# TCG Crossover: portfolio, investments and team > TCG Crossover is a vc firm based in United States. 60 investments on record, 30 in the last 12 months, latest Oct 2026. Source: https://millionrounds.com/fund/tcg-crossover (Millionrounds; every figure on the page links to its filing or article) United States · [Investor](https://millionrounds.com/investors) # TCG Crossover Last cheque observed Oct 2026; 60 cheques on record. Email Deploying now New fund $800M, Jun 2025 VC firm Seed Series A Series B Well-being Therapeutics Drugs Follow TCG Crossover and see its new cheques in your feed. [Start following](https://millionrounds.com/login?join=1&why=follow&next=%2Ffund%2Ftcg-crossover) Deploying now **91%** of best year **30** **cheques in 12 months**, 60 on record Since the last cheque **8** days **00** hrs **00** min **00** sec Median round **$150M** Rounds led **4 of 60** Mostly in **United States, 77%** Pitch TCG Crossover ## TCG Crossover highlights - 01 30 cheques in the last 12 months - 02 Mostly Series B and Series C: 64% of its rounds - 03 Led 4 rounds ## What they do > TCG Crossover (“TCGX”) is a science-driven investment firm dedicated to advancing disruptive medicines From their own website - **Type:** VC firm - **Cheque size:** Not stated - **Stages:** Seed Series A Series B Growth Pre-IPO - **Sectors:** Well-being Therapeutics Drugs - **Based in:** Palo Alto, United States - **Cold pitches:** Not stated ## The record Every round we can evidence, newest first **60 appearances** - **2026** 25 rounds - **Oct** **[Zai Lab](https://millionrounds.com/company/zai-lab)** CN · Pulse 2.0 **$250M** *Led* - **Oct** **[ADC Therapeutics](https://millionrounds.com/company/adc-therapeutics)** CH · Pulse 2.0 **$87M** With 3 others - **Oct** **[TriGemX Bio](https://millionrounds.com/company/trigemx-bio)** US · AlleyWatch **$94M** *Led* - **Sept** **[Tyra Biosciences](https://millionrounds.com/company/tyra-biosciences)** US **$400M** With 5 others - **Sept** **[AN2 Therapeutics](https://millionrounds.com/company/an2-therapeutics)** Grant · US **$40M** With 4 others - **Aug** **[Vaderis Therapeutics](https://millionrounds.com/company/vaderis-therapeutics)** Series B · CH · Firms' own news pages **$152M** *Led* - **Jul** **[LB Pharmaceuticals](https://millionrounds.com/company/lb-pharmaceuticals)** US **$150M** With 2 others - **Jun** **[Ollin Biosciences](https://millionrounds.com/company/ollin-biosciences)** Series B · US **$330M** With 4 others - **Jun** **[Mineralys Therapeutics](https://millionrounds.com/company/mineralys-therapeutics)** Debt · US **$500M** With 5 others - **May** **[Accro Bioscience](https://millionrounds.com/company/accro-bioscience)** Series C · CN · Ventureburn **$50M** With 5 others - **May** **[Mirum Pharmaceuticals](https://millionrounds.com/company/mirum-pharmaceuticals)** Debt · US **$600M** With 3 others - **May** **[Avalo Therapeutics](https://millionrounds.com/company/avalo-therapeutics)** US **$431M** With 3 others - **May** **[Abivax](https://millionrounds.com/company/abivax)** FR **$45M** With 4 others - **Apr** **[Adcendo](https://millionrounds.com/company/adcendo)** Series C · DK · Ventureburn **$75M** With 9 others - **Apr** **[Maze Therapeutics](https://millionrounds.com/company/maze-therapeutics)** US **$150M** With 5 others - **Apr** **[Valneva](https://millionrounds.com/company/valneva)** FR **$43M** With 4 others - **Mar** **[Inhibrx](https://millionrounds.com/company/inhibrx)** Debt · US **$75M** With 4 others - **Mar** **[Vor Biopharma](https://millionrounds.com/company/vor-biopharma)** US **$75M** With 2 others - **Feb** **[Perspective Therapeutics](https://millionrounds.com/company/perspective-therapeutics)** US **$175M** With 2 others - **Feb** **[Immunic Therapeutics](https://millionrounds.com/company/immunic-therapeutics)** US **$400M** With 5 others - **Feb** **[LB Pharmaceuticals](https://millionrounds.com/company/lb-pharmaceuticals)** US **$100M** With 1 other - **Jan** **[CORXEL Pharmaceuticals](https://millionrounds.com/company/corxel-pharmaceuticals)** Series D **$287M** With 5 others - **Jan** **[Mirador Therapeutics](https://millionrounds.com/company/mirador-therapeutics)** Series B · US **$250M** With 6 others - **Jan** **[Beacon Therapeutics](https://millionrounds.com/company/beacon-therapeutics)** Series C · US **$75M** With 4 others - **Jan** **[Century Therapeutics](https://millionrounds.com/company/century-therapeutics)** US **$135M** With 7 others - **2025** 19 rounds - **Dec** **[Immunovant](https://millionrounds.com/company/immunovant)** US **$550M** With 1 other - **Dec** **[Mirum Pharmaceuticals](https://millionrounds.com/company/mirum-pharmaceuticals)** US **$69M** With 3 others - **Dec** **[Structure Therapeutics](https://millionrounds.com/company/structure-therapeutics)** US **$748M** With 6 others - **Dec** **[Athira Pharma](https://millionrounds.com/company/athira-pharma)** US **$90M** With 4 others - **Nov** **[Cogent Biosciences](https://millionrounds.com/company/cogent-biosciences)** Debt · US **$200M** With 6 others - **Oct** **[Affinia Therapeutics](https://millionrounds.com/company/affinia-therapeutics)** Series C · US **$40M** With 5 others - **Oct** **[Disc Medicine](https://millionrounds.com/company/disc-medicine)** US **$225M** With 5 others - **Oct** **[Cidara Therapeutics](https://millionrounds.com/company/cidara-therapeutics)** Grant · US **$339M** With 5 others - **Oct** **[ADC Therapeutics](https://millionrounds.com/company/adc-therapeutics)** CH **$60M** With 3 others - **Oct** **[Rapt Therapeutics](https://millionrounds.com/company/rapt-therapeutics)** US **$250M** With 6 others - **Sept** **[Maze Therapeutics](https://millionrounds.com/company/maze-therapeutics)** US **$150M** With 4 others - **Sept** **[Korsana Biosciences](https://millionrounds.com/company/korsana-biosciences)** Series A · US **$150M** With 5 others - **Sept** **[Mineralys Therapeutics](https://millionrounds.com/company/mineralys-therapeutics)** US **$288M** With 5 others - **Aug** **[Plexium](https://millionrounds.com/company/plexium)** Series C · US **$60M** With 7 others - **Jul** **[Abivax](https://millionrounds.com/company/abivax)** FR **$748M** With 3 others An announcement gives the size of the round, not the size of this investor's cheque: the only rounds that imply a cheque are those where they were the sole named investor. ## The team Named by the firm itself, on a filing, its Form ADV or its company registration **2 named** CM **Chen Ming Yu** Managing Member of the General Partner i Filing they signed CD **Craig David Skaling** Chief Operating Officer and Chief Compliance Officer i Form ADV We also hold **12** people at this firm from the lists this database was built from: a weaker source than the filings, since a list does not say when a title ended. Login to see them. ## What the register says From the firm's own filings with the SEC, which it must file accurately by law **$5.1B** assets it manages Oct 2026 **Registered** investment adviser full reporting to the SEC - **Legal name:** TCG Crossover Management, LLC - **SEC number:** CRD 311718 Funds on its Form ADV **2** private funds, **$2.2B** in gross assets · filed Mar 2024 - TCG Crossover Fund I, L.P. *Hybrid fund* 80 investors $1.3B - TCG Crossover Fund II, L.P. *Hybrid fund* 98 investors $892M ## What they claim to have backed From their own portfolio page (on their website) **13** of 17 we have independently watched raise [Adcendo](https://millionrounds.com/company/adcendo)[Aktisoncology](https://millionrounds.com/company/aktis-oncology)[Arbor](https://millionrounds.com/company/arbor)[Artiospharma](https://millionrounds.com/company/artios-pharma)[Carmot](https://millionrounds.com/company/carmot)[Cgoncology](https://millionrounds.com/company/cg-oncology)[Plexium](https://millionrounds.com/company/plexium)[Rayzebio](https://millionrounds.com/company/rayzebio)[Synthekine](https://millionrounds.com/company/synthekine)[Tourmalinebio](https://millionrounds.com/company/tourmaline-bio)[Upstreambio](https://millionrounds.com/company/upstream-bio)[Versanisbio](https://millionrounds.com/company/versanis-bio)[Vicebio](https://millionrounds.com/company/vicebio) Alkeuspharma Korsana Ollin Shoutipharma Weaker than a round we watched, stronger than a list somebody sold us. A firm is far less willing to put a company on its own site that it never funded. New fund on file **$800M** raised in Jun 2025 From its SEC filing, not a journalist: a firm that has just raised has money to deploy. ## The cheque Seed Series A Series B Median round joined **$150M** the round, not its cheque Led 4 of 60 rounds **7%** - **Sole investor:** Never alone - **Last cheque:** Oct 2026 Rounds by stage said on their site - Series B said *8* - Series C *8* - Debt *5* - Series A said *2* - Grant *2* - Seed said *-* - Growth said *-* Cheques by month Led Joined Nov 2023 Oct 2026 Often in the room with - [TCG](https://millionrounds.com/fund/tcg) 56 - [RA Capital Management](https://millionrounds.com/fund/ra-capital-management) 21 - [Janus Henderson Investors](https://millionrounds.com/fund/janus-henderson-investors) 14 - [OrbiMed](https://millionrounds.com/fund/orbimed) 13 - [Perceptive Advisors](https://millionrounds.com/fund/perceptive-advisors) 9 - [Vivo Capital](https://millionrounds.com/fund/vivo-capital) 9 **Pitching TCG Crossover?** Put them on your fundraising board with this record on the card, and follow them to hear when they write a new cheque. Add to your CRM *→* ## Who they invest alongside The investors most often in the same rounds as TCG Crossover. A count of rooms they were both in, not a relationship either has claimed. [**TCG** Private equity **56** rounds together](https://millionrounds.com/fund/tcg)[**RA Capital Management** Private equity **21** rounds together](https://millionrounds.com/fund/ra-capital-management)[**Janus Henderson Investors** Private equity **14** rounds together](https://millionrounds.com/fund/janus-henderson-investors)[**OrbiMed** Private equity **13** rounds together](https://millionrounds.com/fund/orbimed)[**Perceptive Advisors** Asset manager **9** rounds together](https://millionrounds.com/fund/perceptive-advisors)[**Vivo Capital** Private equity **9** rounds together](https://millionrounds.com/fund/vivo-capital)[**RTW Investments LLC** Growth equity **8** rounds together](https://millionrounds.com/fund/rtw-investments-lp)[**Wellington Management** VC firm **8** rounds together](https://millionrounds.com/fund/wellington-management)[**Samsara BioCapital** VC firm **7** rounds together](https://millionrounds.com/fund/samsara-biocapital)[**Adage Capital Management** Asset manager **6** rounds together](https://millionrounds.com/fund/adage-capital-management)[**Cormorant Asset Management** Private equity **6** rounds together](https://millionrounds.com/fund/cormorant-asset-management)[**Novo Holdings** VC firm **6** rounds together](https://millionrounds.com/fund/novo-ventures) ## Recently backed The latest companies TCG Crossover put money into. [**ADC Therapeutics** $87M · Oct 2026](https://millionrounds.com/company/adc-therapeutics)[**Tyra Biosciences** $400M · Sept 2026](https://millionrounds.com/company/tyra-biosciences)[**AN2 Therapeutics** $40M · Sept 2026](https://millionrounds.com/company/an2-therapeutics)[**LB Pharmaceuticals** $150M · Jul 2026](https://millionrounds.com/company/lb-pharmaceuticals)[**Ollin Biosciences** $330M · Jun 2026](https://millionrounds.com/company/ollin-biosciences)[**Mineralys Therapeutics** $500M · Jun 2026](https://millionrounds.com/company/mineralys-therapeutics) ## Quick answers about TCG Crossover ### What does TCG Crossover invest in? TCG Crossover invests most often at Series B and Series C (64% of the rounds on record), in sectors such as Well-being, Therapeutics and Drugs. ### How active is TCG Crossover? 60 investments on record, 30 of them in the last 12 months, and it led 4. The most recent was in Oct 2026. ### What has TCG Crossover invested in recently? Its most recent investments on record: Zai Lab (Undisclosed round, Oct 2026), ADC Therapeutics (Undisclosed round, Oct 2026) and TriGemX Bio (Undisclosed round, Oct 2026). ### How big are TCG Crossover's cheques? The median round it joins is $150M. ### Does TCG Crossover lead rounds? Sometimes: it led 4 of its 60 investments on record (7%). ### Where does TCG Crossover invest? Most of the companies it backs are in the United States (77%), Switzerland (8%) and France (8%). ### Is TCG Crossover investing now? Yes: it is actively investing, with 30 investments in the last 12 months. ### Who does TCG Crossover invest alongside? Most often TCG (56 rounds together), RA Capital Management (21 rounds together) and Janus Henderson Investors (14 rounds together). ## Raising now? Find the investors who back rounds like yours, and keep every conversation on one fundraising board. Find similar investorsOpen your CRM Built from the rounds we watched, its filings and its own website, refreshed every night. [How we count](https://millionrounds.com/methodology) · [Report a correction](https://millionrounds.com/corrections?slug=tcg-crossover) · [Is this your firm? Claim it](https://millionrounds.com/claim?org=tcg-crossover)