生物技术风险投资基金的演变（英）2025

1PitchBook Data, Inc.Nizar Tarhuni Executive Vice President of Research and Market IntelligencePaul Condra Global Head of Private Markets ResearchJames Ulan Director of Emerging Technology ResearchInstitutional Research GroupAnalysisKazi Helal, Ph.D. Senior Research Analyst, Biotech and Pharma kazi.helal@pitchbook.comDataSara Good Data Analystpbinstitutionalresearch@pitchbook.comPublishingDesigned by Jenna O’MalleyPublished on May 29, 2025ContentsKey takeaways1Introduction: Biotech VC fund ecosystem2Biotech VC capital flows from 2012 to 2024: A boom and a recalibration2Regional biotech investment: Innovation hubs and emerging markets8Biotech capital concentration: The fund-size spectrum and investment strategies11Biotech investment returns: The specialization premium and performance analysis13Outlook: Navigating the next frontier of life science capital17Appendix: Select lists of biotech investors19EMERGING TECH RESEARCHThe Evolution of Biotech VC FundsNavigating selectivity, conve