Biotech Funds - 2Q 2026
Biotech has been on an absolute tear starting 2H last year. XBI all time high, up 35%+ YTD (vs S&P 12%) and seems like tracking for a record year for biotech M&A and IPO performance.
As 2Q26 13Fs have all filed in the past week, thought it'd be interesting to benchmark equity holdings AUM growth of the dedicated biotech funds (~$3bn and larger) from 2Q25 -> 2Q26.
- Perceptive Advisors - $2.7bn -> $6.8bn (+152%)
- Paradigm BioCapital - $2.3bn -> $5.3bn (+128%)
- Deep Track Capital - $3.1bn -> $6.9bn (+121%)
- Vestal Point - $1.9bn -> $4.2bn (+119%)
- Avoro - $5.7bn -> $11.1bn (+95%)
- RA Capital - $6.0bn -> $11.5bn (+94%)
- Baker Bros - $10.3bn -> $20.0bn (+93%)
- Soleus - $1.5bn -> $2.9bn (+92%)
- Frazier Life Sciences - $2.5bn -> $4.6bn (+83%)
- Deerfield - $5.5bn -> $9.5bn (+74%)
- RTW - $7.0bn -> $11.7bn (+67%)
- OrbiMed - $3.7bn -> $5.2bn (+41%)
- BVF - $2.8bn -> $4.0bn (+39%)
- BB Biotech - $4.5bn -> $4.8bn (+5%)
- Braidwell - $2.9bn -> $2.7bn (-8%)
Top funds and broader group seeing incredible growth in just 12 months. Curious if folks have any takes on performance from these funds, and let me know if any I missed from screen.
Note: Source is public 13F records, % may not tie due to rounding to Bn shown
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