2025年下半年医疗基金报告（英）

PE and VC fundraising and performance Contents Key takeaways3 Institutional Research Group Ben RiccioResearch Analyst,Industry & Technology Research Introduction4 Healthcare specialist PE fundraising trends5 Brian Wright Lead Research Analyst,Healthcarebrian.wright@pitchbook.com Healthcare specialist VC fundraising trends8 Healthcare specialist performance12 Ben ZercherSenior Research Analyst,Biotech & Pharmaben.zercher@pitchbook.com Manager lists14 Inclusion criteria and categories Adi George Associate Data Analystpbinstitutionalresearch@pitchbook.comPublished on April 2, 2026 Key takeaways •The PitchBook Healthcare Funds Report offers acomprehensive guide to 472 healthcare and life sciencesspecialist managers across both private equity and venturecapital. Clients can interact with dynamic manager lists toview investments, benchmarked returns, key personnel, andmore on thePitchBook Platform. •After a strong first half of the year, fundraising forhealthtech specialist funds flattened in 2025. Despitesignificant investment in AI healthcare opportunities, thespecialty remains a minor area of the broader healthcarefundraising ecosystem. •Returns data shows that healthcare PE’s once-strongoutperformance has since declined as competition in thestrategy has increased. By IRR, life sciences VC fundsoutperform in more recent vintages due to accelerated IPOtimelines for biotech & pharma, but this outperformance isnot seen in TVPI data. •Overall fundraising activity for healthcare specialistmanagers matched that of the broader private markets: aslowdown. Activity consolidated around large, establishedmanagers, while emerging managers and smaller fundsfaced a challenging fundraising environment. •Despite considerable headwinds for the biotech sectorover the past two years, fundraising has remained relativelyresilient—when considering the broader venture slowdown.Even with the headline figures showing a stark decline inactivity, life sciences specialists captured an elevated shareof total venture dollars in 2025. •For a detailed explanation of the inclusion criteria andcategories used in this report, see the“Inclusion criteria andcategories”section. •Healthcare PE funds raised $18.3 billion—the third-highesttotal of the decade. However, just four funds accounted for67% of these commitments, as total fund count fell to just22, a 46.3% YoY decline. Introduction Across both PE and VC, a lack of exit liquidity—and thesubsequent drought in distributions—has weighed heavily onfundraising. Healthcare specialist managers have been noexception. The number of new PE and VC funds from thesemanagers fell to a multiyear low in 2025. As LPs became moreselective, capital flowed into fewer, larger vehicles, which hasoverwhelmingly favored established managers. remarkably resilient when compared with broader trends.Healthtech-focused funds remain a minor area of overallfundraising, even with the recent flurry of investment into AIstartups in the sector. Manager lists are included for the following categories: •Diversified healthcare PE buyout•Healthcare services PE buyout•Life sciences PE buyout•Growth equity•Biopharma VC•Medtech VC•Diversified life sciences VC (biopharma & medtech)•Healthtech VC•Diversified healthcare and life sciences VC•Health systems corporate venture capital (CVC)•Medtech CVC•Payers CVC•Pharma CVC•Other healthcare CVC•Other CVC On the PE side, proven managers have steadily grown fundsizes, now pushing into upper-middle-market and megafundterritory. These large fundraises have kept the total capitalelevated, with $18.3 billion in commitments in 2025, despite a46.7% YoY decline in total fund count. Still, the specialty hasfared better than the broader PE ecosystem, as healthcare’sshare of total PE funds closed in 2025 sits at a near-record3.4%, compared with the decade average 2.7%. Life sciences VC, meanwhile, posted the weakest fundraisingyear since 2019. However, this is more reflective of the currentstate of overall venture fundraising, as the specialty’s share ofall fund closures has remained stable over the past five years.In other words, despite considerable headwinds for the biotechindustry during the past two years, fundraising has remained Healthcare specialist PEfundraising trends Healthcare specialist PE fundraising activity In 2025, healthcare specialist PE managers closed 22 funds,totaling $18.3 billion in disclosed capital. On a dollar basis,fundraising has remained significantly elevated, with 2025’sfigure marking third highest on record. However, the number offunds fell 46.7% YoY, as a few large raises masked a broaderslowdown. Even when accounting for late reporting funds,which tend to modestly increase activity, 2025 marked asignificant deceleration from the rapid pace of healthcare PEfundraising over the past six years. The slowdown is more indicative of broader fundraisingchallenges than healthcare-specific headwinds. In fact,healthcare PE fundraising has fared