# PE firms backing Biotech (2026 list)

> 265 PE firms backing Biotech, 84% active in the last 12 months. Led by Gaingels, Goldman Sachs, Citibank. Ranked by what they funded.

Source: https://millionrounds.com/lists/pe-firms-biotech (Millionrounds; every figure on the page links to its filing or article)

[Investor Lists](https://millionrounds.com/lists)

# PE firms backing Biotech

Updated 7 November 2026

PE firms we have observed in a biotech round in the last two years.

[See all 265 *→*](https://millionrounds.com/login?join=1&next=%2Fapp%2Finvestor-lists%2Fpe-firms-biotech)The top 25

**265** investors on the list *+2* this week

**2,033** cheques in 12 months *+14%* against the market

**$54M** median round they joined *+569%* against the market median

**84%** wrote a cheque in 12 months

**48%** have led a round

## The Top 25

Ordered by cheques observed, never by anything anyone paid for

Deploying now (25)

- 1 [Gaingels](https://millionrounds.com/fund/gaingels) *Deploying now* Private equity · United States **1,010** **$8M** median round **Oct 2026** last seen
- 2 [Goldman Sachs](https://millionrounds.com/fund/goldman-sachs) *Deploying now* Private equity · United States **758** **$73M** median round **Oct 2026** last seen
- 3 [Citibank](https://millionrounds.com/fund/citi) *Deploying now* Growth equity · United States **566** **$20M** median round **Oct 2026** last seen
- 4 [Pioneer Fund](https://millionrounds.com/fund/pioneer-fund-2) *Deploying now* Private equity · United States **551** **$2.9M** median round **Nov 2026** last seen
- 5 [IDG Capital](https://millionrounds.com/fund/idg-capital) *Deploying now* Private equity · China **504** **$25M** median round **Oct 2026** last seen
- 6 [OrbiMed](https://millionrounds.com/fund/orbimed) *Deploying now* Private equity · United States **447** **$71M** median round **Oct 2026** last seen
- 7 [RA Capital Management](https://millionrounds.com/fund/ra-capital-management) *Deploying now* Private equity · United States **395** **$93M** median round **Nov 2026** last seen
- 8 [Saif Partners](https://millionrounds.com/fund/saif-partners) *Deploying now* Private equity · Hong Kong SAR China **283** **$14M** median round **May 2026** last seen
- 9 [General Atlantic](https://millionrounds.com/fund/general-atlantic) *Deploying now* Private equity · United States **273** **$127M** median round **Oct 2026** last seen
- 10 [Business Growth Fund](https://millionrounds.com/fund/bgf) *Deploying now* Private equity · United Kingdom **260** **$9.9M** median round **Nov 2026** last seen
- 11 [Warburg Pincus](https://millionrounds.com/fund/warburg-pincus) *Deploying now* Private equity · United States **260** **$124M** median round **Oct 2026** last seen
- 12 [HSBC](https://millionrounds.com/fund/hsbc) *Deploying now* Growth equity · United Kingdom **234** **$45M** median round **Oct 2026** last seen
- 13 [Idinvest Partners](https://millionrounds.com/fund/idinvest-partners) *Deploying now* Private equity · France **217** **$20M** median round **Apr 2026** last seen
- 14 [TPG](https://millionrounds.com/fund/tpg) *Deploying now* Private equity · United States **205** **$91M** median round **Nov 2026** last seen
- 15 [K5 Global](https://millionrounds.com/fund/k5-global) *Deploying now* Private equity · United States **199** **$11M** median round **Oct 2026** last seen
- 16 [Franklin Templeton](https://millionrounds.com/fund/franklin-templeton) *Deploying now* Private equity · United States **198** **$64M** median round **Nov 2026** last seen
- 17 [CDH Investments](https://millionrounds.com/fund/cdh-investments) *Deploying now* Private equity · Hong Kong SAR China **190** **$30M** median round **Oct 2026** last seen
- 18 [Janus Henderson Investors](https://millionrounds.com/fund/janus-henderson-investors) *Deploying now* Private equity · United Kingdom **178** **$115M** median round **Oct 2026** last seen
- 19 [Cormorant Asset Management](https://millionrounds.com/fund/cormorant-asset-management) *Deploying now* Private equity · United States **176** **$102M** median round **Oct 2026** last seen
- 20 [Eurazeo](https://millionrounds.com/fund/eurazeo) *Deploying now* Private equity · France **150** **$28M** median round **Oct 2026** last seen
- 21 [Invus](https://millionrounds.com/fund/invus) *Deploying now* Private equity · United States **148** **$81M** median round **Oct 2026** last seen
- 22 [Vivo Capital](https://millionrounds.com/fund/vivo-capital) *Deploying now* Private equity · United States **140** **$64M** median round **Sept 2026** last seen
- 23 [T. Rowe Price](https://millionrounds.com/fund/t-rowe-price) *Deploying now* Private equity · United States **136** **$400M** median round **Nov 2026** last seen
- 24 [Forbion Capital Partners](https://millionrounds.com/fund/forbion-capital-partners) *Deploying now* Private equity · Netherlands **134** **$88M** median round **Oct 2026** last seen
- 25 [Foresight Group](https://millionrounds.com/fund/foresight-group) *Deploying now* Private equity · United Kingdom **132** **$4M** median round **Oct 2026** last seen

**240 more on this list**

All 265 are in the app, with filters for stage, sector and market. A free account shows 10 per search, Pro up to 1,000.

[See the whole list *→*](https://millionrounds.com/login?join=1&next=%2Fapp%2Finvestor-lists%2Fpe-firms-biotech)

## The Newest Cheques

Rounds this list's investors joined most recently

- **7** Nov **[Arka Fincap](https://millionrounds.com/company/arka-fincap)** Other *Led by* [TPG](https://millionrounds.com/fund/tpg)
- **5** Nov **[ArrayPatch](https://millionrounds.com/company/arraypatch)** Seed · $1.8M *With* [WakeUp Capital](https://millionrounds.com/fund/wakeup-capital)
- **5** Nov **[T-Therapeutics](https://millionrounds.com/company/t-therapeutics)** Series B · $133M *With* [Business Growth Fund](https://millionrounds.com/fund/bgf)
- **5** Nov **[Soter Insure](https://millionrounds.com/company/soter-insure)** Series B *With* [Franklin Templeton](https://millionrounds.com/fund/franklin-templeton)
- **5** Nov **[firmly](https://millionrounds.com/company/firmly)** Series A · $15M *With* [• Ark Invest](https://millionrounds.com/fund/ark-invest)
- **5** Nov **[Potential Sciences](https://millionrounds.com/company/potential-sciences)** Seed *With* [Sovereign AI Fund](https://millionrounds.com/fund/sovereign-ai-fund)

## Stages This Year

1,555 rounds

- Venture **19%**
- Other **13%**
- Debt **12%**
- Series A **12%**
- Series B **9%**
- Other **34%**

## What They Backed

Sectors, last 12 months

- AI **440**
- Biotech **306**
- Healthcare **126**
- Pharma **103**
- Fintech **96**
- Financial Services **68**

## Cheques by Quarter

Led Joined

443 Q1 25

416 Q2 25

485 Q3 25

660 Q4 25

647 Q1 26

561 Q2 26

409 Q3 26

152 Q4 26

The last bar is the quarter still running.

## Lists Like This

- [VC firms backing AI 4,329](https://millionrounds.com/lists/vc-firms-ai)
- [VC firms backing Fintech 1,856](https://millionrounds.com/lists/vc-firms-fintech)
- [VC firms backing Big Data & Analytics 1,248](https://millionrounds.com/lists/vc-firms-big-data)
- [VC firms backing Biotech 1,207](https://millionrounds.com/lists/vc-firms-biotech)
- [VC firms backing Robotics 1,098](https://millionrounds.com/lists/vc-firms-robotics)
- [VC firms backing Construction 1,025](https://millionrounds.com/lists/vc-firms-construction)
- [VC firms backing Energy 998](https://millionrounds.com/lists/vc-firms-energy)
- [PE firms backing AI 956](https://millionrounds.com/lists/pe-firms-ai)
- [VC firms backing Cybersecurity 950](https://millionrounds.com/lists/vc-firms-cybersecurity)

[All investor lists *→*](https://millionrounds.com/lists)

## Reading for founders in health and biotech

- The Innovator's Prescription: A Disruptive Solution for Health Care Clayton M. Christensen · 2008 4.21 from 1,158 ratings on Goodreads Health and biotech Innovation Moats and competition About the book A groundbreaking prescription for health care reform--from a legendary leader in innovation... Our health care system is in critical condition. Each year, fewer Americans can afford it, fewer businesses can provide it, and fewer government programs can promise it for future… On AmazonListen on Audible
- Where Does It Hurt?: An Entrepreneur's Guide to Fixing Health Care Jonathan Bush · 2014 3.78 from 598 ratings on Goodreads Health and biotech Company building Innovation About the book A bold new remedy for the sprawling and wasteful health care industry Where else but the doctor’s office do you have to fill out a form on a clipboard? Have you noticed that hospital bills are almost unintelligible, except for the absurdly high dollar amount? Why is it that… On AmazonListen on Audible
- Ashes to Ashes: America's Hundred-Year Cigarette War, the Public Health, and the Unabashed Triumph of Philip Morris Richard Kluger · 1997 3.94 from 306 ratings on Goodreads Health and biotech Company building About the book Ashes to Ashes is a monumental history of the American tobacco industry’s ironic success in developing the cigarette, modern society’s most widespread instrument of self-destruction, into the nation’s most profitable consumer product. Starting with its energized, work-obsessed… On AmazonListen on Audible
- The Kelloggs: The Battling Brothers of Battle Creek Howard Markel · 2017 3.87 from 969 ratings on Goodreads Health and biotech Company building About the book "What's more American than Corn Flakes?" --Bing Crosby From the much admired medical historian ("Markel shows just how compelling the medical history can be"--Andrea Barrett) and author of An Anatomy of Addiction ("Absorbing, vivid"--Sherwin Nuland, The New York Times Book… On AmazonListen on Audible

More books for founders and investors on the [Reading List](https://millionrounds.com/reading-list?role=founder&industry=health).

As an Amazon Associate we earn from qualifying purchases.

## Quick answers about PE firms backing Biotech

### Who are the most active PE firms backing Biotech?

By cheques observed, the most active are Gaingels, Goldman Sachs, Citibank, Pioneer Fund and IDG Capital.

### How many PE firms backing Biotech are there?

265 are on record. 84% made an investment in the last 12 months and 48% have led a round.

### Which stages do PE firms backing Biotech back?

Of the rounds with a named stage in the last 12 months, mostly Debt (19%) and Series A (19%).

### How big are the rounds PE firms backing Biotech join?

The typical (median) round among the leading investors here is $64M.

### Which sectors do PE firms backing Biotech back most?

In the last 12 months, mostly AI, Biotech and Healthcare.

### Which PE firms backing Biotech lead the most rounds?

General Atlantic (32 led), Goldman Sachs (22 led) and RA Capital Management (15 led).

### Where are PE firms backing Biotech based?

Among the most active, most are based in the United States (15), the United Kingdom (4) and Hong Kong SAR China (2).

### What have PE firms backing Biotech invested in recently?

Recent rounds include Arka Fincap (Other, Nov 2026, with TPG), ArrayPatch (Seed, Nov 2026, with WakeUp Capital) and T-Therapeutics (Series B, Nov 2026, with Business Growth Fund).

Built from the rounds we watched, refreshed every night. [How we count](https://millionrounds.com/methodology) · [Report a correction](https://millionrounds.com/corrections)