医疗保健基金报告：私募股权与风险投资募资及业绩

PE and VC fundraising and performance Contents Key takeaways3 PitchBook Data, Inc. Nizar TarhuniExecutive Vice President of Researchand Market Intelligence Introduction4 Paul CondraGlobal Head of Private Markets Research Healthcare specialist PE fundraising trends5 Healthcare specialist VC fundraising trends8 Institutional Research Group Healthcare specialist performance11 Analysis Manager lists13 Aaron DeGagne, CFASenior Research Analyst, Healthcareaaron.degagne@pitchbook.com Inclusion criteria and categories39 Ben RiccioAssociate Research Analystben.riccio@pitchbook.com Data Sara GoodData Analyst pbinstitutionalresearch@pitchbook.com Publishing Report designed byJosie Doan Published on September 30, 2025Clickherefor PitchBook’s report methodologies. Key takeaways •The PitchBook Healthcare Funds Report offers acomprehensive guide to 505 healthcare and life sciencesspecialist managers across both private equity and venturecapital. Clients can interact with dynamic manager lists toview investments, benchmarked returns, key personnel,and more on thePitchBookPlatform. a smaller area of healthcare investing, healthtech nowaccounts for a record share of all VC fundraising, at2.8%. This shift reflects heightened interest in provider-facing AI technologies and the growing divergencein exit opportunities between the digital health andbiopharma sectors. •By IRR, PE healthcare specialists strongly outperformedin the 2012-2014 vintages but remained broadly in linewith overall PE performance in subsequent years. VC lifescience and healthtech funds with 2021-2022 vintagesstrongly outperformed by pooled IRR but lagged in TVPI. •In H1 2025, PE healthcare specialist managers remainedresilient amid the broader fundraising slowdown,outraising the rest of the asset class and accountingfor an increased share of all PE funds. VC healthcarespecialists, by contrast, witnessed a significant slowdownas both GPs and LPs shifted away from the high-risk andcapital-intensive nature of drug development. •For a detailed explanation of the inclusion criteria andcategories used in this report, see the“Inclusion criteriaand categories”section. •For the first time, healthtech-dedicated VC fundsoutraised life-science-focused VC funds, raising $1.4billion compared with $1 billion in H1 2025. Historically Introduction Fundraising trends through H1 2025 underscored theongoing divide between PE and VC healthcare specialists. PEhealthcare fundraising remains at the rapid pace set in 2021.The sector’s acyclical nature, easing regulatory pressureunder the Trump administration, and new opportunitiesin tech-focused provider solutions have kept the strategyattractive despite broader headwinds and a muted exitenvironment. Allocations continue to favor healthcarespecialists, with a record-high 3.8% of total funds and 4.5% ofcapital going to these managers in H1. Manager lists are included for the following categories: •Diversified healthcare PE buyout•Healthcare-services-focused PE buyout•Life-science-focused PE buyout•PE growth equity•Biopharma early-stage VC•Biopharma multi-/late-stage VC•Diversified life sciences early-stage VC•Diversified life sciences multi-/late-stage VC•Medtech early-stage VC•Medtech multi-/late-stage VC•Healthtech early-stage VC•Healthtech multi-/late-stage VC•Diversified healthcare and life sciences early-stage VC•Diversified healthcare and life sciences multi-/late-stage VC•Health systems CVC•Medtech CVC•Payers CVC•Pharma CVC•Other healthcare CVC•Other CVC In contrast, life-science-focused VC funds accounted fortheir lowest share of total fundraising since at least 2012.Weak performance of public biotech equities, limited IPOopportunities, and a broader investor shift away from thehigh-failure-rate and capital-intensive nature of biopharmastartups have all contributed to one of the most drasticdownturns for the sector in a decade. Fundraising trendshave followed the downturn, with just $1 billion raised by lifescience specialists through H1—on pace to fall far below the10-year annual average of $14.6 billion. While life science VC has faltered, healthtech specialists(those with a significant focus on digital health andhealthcare IT) have picked up the slack. After a muted2024, fundraising in the specialty is on track for a rebound,driven by a reopening of the digital health IPO window andfrenzied investment into AI-powered provider solutions. Withimproving exit liquidity and a rapidly proliferating landscapeof attractive startups, healthtech fundraising is now on paceto surpass life sciences fundraising—a dramatic shift for atypically smaller area of overall healthcare VC fundraising. Healthcare specialist PEfundraising trends Despite considerable headwinds for both the asset class andhealthcare specifically, PE healthcare specialist managersappear set to continue the rapid fundraising pace that hascategorized the industry since 2021. As of June 30, 10 fundshad closed in 2025, representing a