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1、INDUSTRYRESEARCHHea1thcareFundsReportPEandVCfundraisingandperformanceContentsKeytakeaways2Introduction3Hea1thcarespecia1istfundraisingtrends4Hea1thcarespecia1istperformance6Manager1ists9Inc1usioncriteriaandcategories28Keytakeaways ThePitchBookHea1thcareFundsReportoffersacomprehensiveguideto450hea1th
2、careand1ifesciencesspecia1istmanagersacrossbothprivateequityandventurecapita1.C1ientscaninteractwithdynamicmanager1iststoviewinvestments,benchmarkedreturns,keypersonne1,andmoreonthePitChBoOkP1atform. Acrossassetc1asses,2023wasastandoutfundraisingyearforhea1thcarespecia1ists,1arge1yduetotheCOVID-19pa
3、ndemic.Fundraisingnorma1izedquick1yforVC1ifesciencesfundsbuthasremainede1evatedforPEhea1thcarefundsandVChea1thcarefundsthatdonotfocuson1ifesciences(a1soreferredtoas*,VCotherhea1thcare,) Comparingtheperformanceofhea1thcarespecia1istfundstootherfunds,PEhea1thcarespecia1istss1ight1youtperform,whi1eVC1i
4、fesciencesspecia1istsoutperformwhenmeasuringIRRandunderperformwhenmeasuringTVPI.VChea1thcarespecia1iststhatdonotfocuson1ifesciencesnoticeab1yunderperforminourdata,thoughdatacountsare1owforthiscategory. Readourinc1usioncriteriaforthemanager1istsinthisreportonpage28.Toupdateyourfirmsc1assificationorfu
5、nddata,p1easereachouttorebecca.SPringerPitChbookcom.PitchBookData,Inc.JohnGabbertFounder,CEONizarTarhuniVicePresident,Institutiona1ResearchandEditoria1Pau1CondraHeadofEmergingTechno1ogyResearchInstitutiona1ResearchGroupAna1ysisRebeccaSpringer,Ph.D.1eadAna1yst,Hea1thcarerebecca.sprin9erDataCo11inAnde
6、rsonDataAna1ystpbinstitutiona1researchPub1ishingReportdesignedbyJu1iaMidkiffPub1ishedonAugust7,2023C1ickhereforPitchBooksreportmethodo1ogies.IntroductionAsthePEandVCindustrieshavematuredandbecomemorecompetitive,managersanda11ocatorshavep1acedagrowingemphasisonoperationa1sophisticationandsectorspecia
7、1ization.Hea1thcareisapopu1arspecia1izationstrategybecauseoftheindustryscomp1exregu1atoryframeworks,corporatestructures,andrevenuearchitectures,nottomentionthescientificrigornecessarytoproper1ydi1igencetechno1ogyopportunities,particu1ar1yin1ifesciences.Additiona11y,manya11ocatorsareinterestedinexpos
8、uretohea1thcarebecauseoftheindustry,sreputationforacyc1ica1ity.AccordingtoCo11erCapita1,87%of1Psbe1ievehea1thcareandpharmaceutica1sareattractiveareasforPEinvestmentoverthenexttwoyears.G1oba1阳VateEq1BWBarotnetefJCMerReSewChIMt1tUtaSUrnfner2023.Fina11y,many1Psrecognizesecu1artai1windsandinnovationoppo
9、rtunitiesinthehea1thcareand1ifesciencesindustrieszinc1udingagingpopu1ations,theneedfordramaticimprovementsinpatientexperiencesandproviderworkf1ows,andthepotentia1forAIandpersona1izedmedicinetotransformdrugdeve1opment.Thisreportprovidesa11ocators,investorre1ationsteams,andothermarketparticipantswitha
10、comprehensiveviewofhea1thcarespecia1istmanagersacrossPEandVCthatareheadquarteredinNorthAmericaandEurope.Foradetai1edexp1anationoftheinc1usioncriteriaandcategoriesusedinthisreport,seepage28.Manager1istsareinc1udedforthefo11owingassetc1assandsty1etypes: PEbuyoutdiversifiedhea1thcare PEbuyout-hea1thcar
11、eservicesfocus PEbuyout1ifesciencesfocus PEgrowthequity Ear1y-StageVCbiopharma Mu1ti-1ate-stageVCbiopharma Ear1y-StageVC-digita1hea1thandhea1thcareIT Mu1ti-1ate-stageVCdigita1hea1thandhea1thcareIT Ear1y-StageVC-diversifiedhea1thcareand1ifesciences Mu1ti-1ate-stageVCdiversifiedhea1thcareand1ifescienc
12、es Ear1y-StageVCdiversified1ifesciences Mu1ti1ate-stageVC-diversified1ifesciences Ear1y-StageVC-medtech Mu1ti1ate-stageVCmedtech CVC-hea1thsystems CVC-pharma CVC-medtech CVC-payers CVCotherhea1thcare CVCotherHea1thcarespecia1istfundraisingtrendsAcrossassetc1asses,2023wasastandoutfundraisingyearforhe
13、a1thcarespecia1ists.TheCOVID-19pandemicbroughtwidespreadattentiontoopportunitiesinvirtua1carede1iveryandmRNAtherapeutics,aswe11assoaringdemandformenta1hea1thcareandrapid/point-of-carediagnostics.2023was,ofcourse,aheydayofprivatecapita1fundraisingregard1essofspecia1ization,asmu1tip1eexpansionandfroth
14、ypub1icmarketsfaci1itatedear1yexitsanda11ocatorsreachedforyie1dina1ow-rateenvironment.Between2023and2023,overa11PEfundraisingforNorthAmericanandEuropeanmanagersincreased34.7%YoY1andVCfundraisingincreasedby51.7%.However,overthesametimeframeandinthesamegeographies,PEhea1thcarespecia1istfundraisingincr
15、easedby92.4%,VC1ifesciencesfundraisingincreased108.1%1andVCotherhea1thcarefundraisingincreased32.4%.After2023,fundraisingforPEhea1thcarespecia1istswasmuchmoreresi1ientthanforVCmanagers.Noton1ydid2023,sPEhea1thcarefundraisingactivitytrackc1oseto2023,butthefirstha1fof20231ooksa1mostasstrongevenwithoutVC1ifesciencesfundraisingactivityCapita1raised($B)FunduntSource:PitchBookGeography:NorthAmericaandEurope*AsOfJuIy24,2023Capita1raised($B)FunduntSource:PitchBookGeography:NorthAmencoondEuropeAsofJu1y24.2023accountingforPatientSquareCapita1sunprecedented$3.9bi1