# PE firms backing Medical Devices (2026 list) > 103 PE firms backing Medical Devices, 79% active in the last 12 months. Led by OrbiMed, RA Capital Management, Morgan Stanley Investment Management. Source: https://millionrounds.com/lists/pe-firms-medical-device (Millionrounds; every figure on the page links to its filing or article) [Investor Lists](https://millionrounds.com/lists) # PE firms backing Medical Devices Updated 7 November 2026 PE firms we have observed in a medical Devices round in the last two years. [See all 103 *→*](https://millionrounds.com/login?join=1&next=%2Fapp%2Finvestor-lists%2Fpe-firms-medical-device)The top 25 **103** investors on the list *+9* this week **752** cheques in 12 months *+40%* against the market **$56M** median round they joined *+597%* against the market median **79%** wrote a cheque in 12 months **60%** have led a round ## The Top 25 Ordered by cheques observed, never by anything anyone paid for Deploying now (25) - 1 [OrbiMed](https://millionrounds.com/fund/orbimed) *Deploying now* Private equity · United States **447** **$71M** median round **Oct 2026** last seen - 2 [RA Capital Management](https://millionrounds.com/fund/ra-capital-management) *Deploying now* Private equity · United States **395** **$93M** median round **Nov 2026** last seen - 3 [Morgan Stanley Investment Management](https://millionrounds.com/fund/morgan-stanley-investment-management) *Deploying now* Private equity · United States **288** **$56M** median round **Oct 2026** last seen - 4 [K5 Global](https://millionrounds.com/fund/k5-global) *Deploying now* Private equity · United States **199** **$11M** median round **Oct 2026** last seen - 5 [CDH Investments](https://millionrounds.com/fund/cdh-investments) *Deploying now* Private equity · Hong Kong SAR China **190** **$30M** median round **Oct 2026** last seen - 6 [Janus Henderson Investors](https://millionrounds.com/fund/janus-henderson-investors) *Deploying now* Private equity · United Kingdom **178** **$115M** median round **Oct 2026** last seen - 7 [Invus](https://millionrounds.com/fund/invus) *Deploying now* Private equity · United States **148** **$81M** median round **Oct 2026** last seen - 8 [T. Rowe Price](https://millionrounds.com/fund/t-rowe-price) *Deploying now* Private equity · United States **136** **$400M** median round **Nov 2026** last seen - 9 [Forbion Capital Partners](https://millionrounds.com/fund/forbion-capital-partners) *Deploying now* Private equity · Netherlands **134** **$88M** median round **Oct 2026** last seen - 10 [Maven Capital Partners](https://millionrounds.com/fund/maven-capital-partners) *Deploying now* Private equity · United Kingdom **129** **$3.5M** median round **Oct 2026** last seen - 11 [The Carlyle Group](https://millionrounds.com/fund/the-carlyle-group) *Deploying now* Private equity · United States **108** **$400M** median round **Aug 2026** last seen - 12 [Sands Capital Ventures](https://millionrounds.com/fund/sands-capital-ventures) *Deploying now* Private equity **99** **$45M** median round **Aug 2026** last seen - 13 [GIC](https://millionrounds.com/fund/gic) *Deploying now* Private equity · Singapore **92** **$200M** median round **Oct 2026** last seen - 14 [Mubadala](https://millionrounds.com/fund/mubadala) *Deploying now* Private equity · United Arab Emirates **91** **$80M** median round **Sept 2026** last seen - 15 [National Bank of Canada](https://millionrounds.com/fund/national-bank-of-canada) *Deploying now* Private equity · Canada **77** **$74M** median round **Sept 2026** last seen - 16 [Bain Capital](https://millionrounds.com/fund/bain-capital) *Deploying now* Private equity · United States **58** **$50M** median round **Aug 2026** last seen - 17 [Gilde Healthcare](https://millionrounds.com/fund/gilde-healthcare) *Deploying now* Private equity · Netherlands **56** **$37M** median round **Jun 2026** last seen - 18 [Andera Partners](https://millionrounds.com/fund/andera-partners) *Deploying now* Private equity · France **53** **$57M** median round **Oct 2026** last seen - 19 [Atlantic](https://millionrounds.com/fund/atlantic) *Deploying now* Private equity · Germany **53** **$35M** median round **Oct 2026** last seen - 20 [Bain Capital Life Sciences](https://millionrounds.com/fund/bain-capital-life-sciences) *Deploying now* Private equity · United States **49** **$134M** median round **Oct 2026** last seen - 21 [IAG Capital Partners](https://millionrounds.com/fund/iag-capital-partners) *Deploying now* Private equity · United States **46** **$15M** median round **Sept 2026** last seen - 22 [Medtronic](https://millionrounds.com/fund/medtronic) *Deploying now* Growth equity · United States **45** **$49M** median round **Sept 2026** last seen - 23 [Elevate Capital](https://millionrounds.com/fund/elevate-capital) *Deploying now* Private equity · Peru **41** **$1.8M** median round **Sept 2026** last seen - 24 [EQT](https://millionrounds.com/fund/eqt) *Deploying now* Private equity · Sweden **35** **$62M** median round **Sept 2026** last seen - 25 [Qatar Ban](https://millionrounds.com/fund/qatar-ban) *Deploying now* Growth equity · Qatar **33** **$548M** median round **Sept 2026** last seen **78 more on this list** All 103 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-medical-device) ## The Newest Cheques Rounds this list's investors joined most recently - **5** Nov **[firmly](https://millionrounds.com/company/firmly)** Series A · $15M *With* [• Ark Invest](https://millionrounds.com/fund/ark-invest) - **5** Nov **[Alethio Therapeutics](https://millionrounds.com/company/alethio-therapeutics)** Series A · $90M *Led by* [RA Capital Management](https://millionrounds.com/fund/ra-capital-management) - **5** Nov **[VÆRIDION](https://millionrounds.com/company/v-ridion)** Series A · $34M *Led by* [Invest-NL](https://millionrounds.com/fund/invest-nl) - **5** Nov **[Zipline](https://millionrounds.com/company/zipline)** Growth · $1.5B *With* [• Ark Invest](https://millionrounds.com/fund/ark-invest) - **4** Nov **[Laza Medical](https://millionrounds.com/company/laza-medical)** Series B · $160M *With* [AMED](https://millionrounds.com/fund/amed) - **4** Nov **[Quadlytics](https://millionrounds.com/company/quadlytics)** Series B *Led by* [JP LIFE NEXT1](https://millionrounds.com/fund/jp-life-next1) ## Stages This Year 616 rounds - Other **17%** - Venture **13%** - Series A **12%** - Series B **11%** - Debt **11%** - Other **36%** ## What They Backed Sectors, last 12 months - Biotech **161** - AI **151** - Healthcare **74** - Pharma **61** - Fintech **40** - Medical Devices **36** ## Cheques by Quarter Led Joined 134 Q1 25 98 Q2 25 152 Q3 25 208 Q4 25 233 Q1 26 209 Q2 26 176 Q3 26 54 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) ## Quick answers about PE firms backing Medical Devices ### Who are the most active PE firms backing Medical Devices? By cheques observed, the most active are OrbiMed, RA Capital Management, Morgan Stanley Investment Management, K5 Global and CDH Investments. ### How many PE firms backing Medical Devices are there? 103 are on record. 79% made an investment in the last 12 months and 60% have led a round. ### Which stages do PE firms backing Medical Devices back? Of the rounds with a named stage in the last 12 months, mostly Series A (19%) and Series B (17%). ### How big are the rounds PE firms backing Medical Devices join? The typical (median) round among the leading investors here is $62M. ### Which sectors do PE firms backing Medical Devices back most? In the last 12 months, mostly Biotech, AI and Healthcare. ### Which PE firms backing Medical Devices lead the most rounds? GIC (17 led), RA Capital Management (15 led) and T. Rowe Price (11 led). ### Where are PE firms backing Medical Devices based? Among the most active, most are based in the United States (11), the United Kingdom (2) and the Netherlands (2). ### What have PE firms backing Medical Devices invested in recently? Recent rounds include firmly (Series A, Nov 2026, with • Ark Invest), Alethio Therapeutics (Series A, Nov 2026, with RA Capital Management) and VÆRIDION (Series A, Nov 2026, with Invest-NL). Built from the rounds we watched, refreshed every night. [How we count](https://millionrounds.com/methodology) · [Report a correction](https://millionrounds.com/corrections)