Vivo Capital
Vivo Capital is a global, healthcare-exclusive investment firm managing approximately $6.1 billion across venture, growth/buyout, and public equities fund families (Vivo Innovation Fund, Vivo Capital Fund VIII, Vivo Opportunity Fund). It serves institutional LPs and backs 460+ healthcare companies across the U.S. and Asia via its Ecosystem Strategy.
- Company typePrivate
- Founded1996
- HeadquartersPalo Alto, United States
- Headcount51–100
- GTM typeB2B
- OfferingServices
What Vivo Capital does
Vivo Capital is a global, healthcare-exclusive investment firm founded in 1996 in Palo Alto by Dr. Frank Kung and Dr. Edgar Engleman (originally as BDF Fund, then BioAsia Investments). The firm operates a multi-strategy platform covering venture capital, growth equity, buyout, and public equities — anchored by three core fund families: the Vivo Innovation Fund (early-stage venture), Vivo Capital Fund VIII (growth and buyout), and the Vivo Opportunity Fund (public equities in small/mid-cap biotech). Capital is raised through private placements to institutional limited partners (pension funds, endowments, family offices, sovereign wealth funds); the firm earns revenue through industry-standard management fees (1.5–2% of committed capital) and carried interest on exits, with fee terms not publicly disclosed.
Vivo's core investment proposition is its "Ecosystem Strategy": a network of 460+ portfolio companies, operating executives, and advisors across the healthcare value chain, used to source proprietary deals, facilitate cross-border partnerships (notably U.S.–China), and support clinical/commercial scale-up of portfolio companies. The firm has backed companies whose assets have produced 78+ regulatory approvals and 120+ IPO/M&A exits, including several billion-dollar-plus acquisitions by major pharmaceutical acquirers (GSK, AstraZeneca, Roche, BMS, Novartis, Merck, Lilly, Sanofi, Neurocrine). Geographically, Vivo maintains six offices spanning Palo Alto, Singapore, Hong Kong, Beijing, Shanghai, and Taipei; it expanded into European buyouts in February 2026 with the acquisition of Dutscher Group from LBO France.
The firm is privately held, headquartered at 192 Lytton Avenue, Palo Alto, and manages approximately $6.1 billion in active AUM as of Q4 2025 ($5.3B regulatory AUM). Headcount stands at 70–75+ professionals. Leadership consists of co-founders Frank Kung and Edgar Engleman alongside Managing Partners Gaurav Aggarwal, Mahendra Shah, Michael Chang, Shan Fu (also Co-CEO/CEO Asia Pacific), and others; the firm lost Managing Partner Jack B. Nielsen in June 2025. The platform is complemented by an asset-first biotech accelerator program in China and a joint venture (Visirna Therapeutics, with Arrowhead Pharmaceuticals) for Greater China commercialization of RNAi medicines.
Vivo Capital firmographics
Firmographics- Name
- Vivo Capital
- Legal name
- Vivo Capital
- Website
- https://vivocapital.com
- Company type
- Private
- Founded year
- 1996
- Operating status
- Operating
- Headcount range
- 51–100 employees
- Short description
- Vivo Capital is a global, healthcare-exclusive investment firm managing approximately $6.1 billion across venture, growth/buyout, and public equities fund families (Vivo Innovation Fund, Vivo Capital Fund VIII, Vivo Opportunity Fund). It serves institutional LPs and backs 460+ healthcare companies across the U.S. and Asia via its Ecosystem Strategy.
- Ownership category
- akta.pro rank
Vivo Capital industry classification
Industry- Product category
- Healthcare Investment Management
- NAICS
- Portfolio Management and Investment Advice (523940), Other Financial Investment Activities (5239), Other Financial Vehicles (52599)
- SIC
- Investment Advice (6282)
- akta.pro primary industry
- Healthcare & Life Sciences Growth Equity (FSANACAB)
- akta.pro secondary industry
- Sector-Focused Venture Capital (Vertical Specialists) (FSANAAAD)
Keywords
Where Vivo Capital is headquartered
LocationHeadquarters
- HQ city
- Palo Alto
- HQ country
- United States
- HQ region
- North America
Offices6 records
Markets served
Vivo Capital business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Marketing or Sales, Technology or R&D, Others
Revenue model
- Fund Management: Vivo Capital generates revenue through management fees and carried interest (performance fees) from managing its family of investment funds across venture, growth equity, buyout, and public equities strategies. The firm manages approximately $5.3 billion in regulatory assets under management.
- Investment Returns: Returns generated from successful portfolio company exits through IPOs and M&A transactions. The firm has facilitated 120 IPOs and M&As across its portfolio companies, with exits including acquisitions by major pharmaceutical firms.
Go-to-market motion2 records
Distribution channels1 record
Marketing channels3 records
Vivo Capital product offering
Product offeringCore offering
Vivo Capital is a global healthcare-focused investment firm that manages dedicated funds across venture capital, private equity, and public equity strategies. Founded in 1996, the firm invests exclusively in healthcare and life sciences companies spanning biopharmaceuticals, medical devices, diagnostics, and digital health, with approximately $5.8–$6.1 billion in assets under management.
Product overview
Vivo Capital is a global healthcare investment firm operating a multi-strategy investment platform covering venture capital, private equity, and public equity strategies. The firm offers three distinct fund products: the Vivo Innovation Fund (venture capital targeting early-stage healthcare companies), Vivo Capital Fund VIII (private equity for growth and buyout opportunities), and the Vivo Opportunity Fund (public equity investing in small and mid-cap life sciences companies). The firm also employs an Ecosystem Strategy that creates value through portfolio company networks and international partnerships.
Differentiator
Problem solved
Functional benefit
Brands
- Vivo Innovation Fund: Venture capital fund focusing on investing in venture stage companies with potential to develop game changing healthcare technologies or products.
- Vivo Capital Fund VIII
- Vivo Opportunity Fund
Products and services
- Vivo Innovation Fund
- Vivo Capital Fund VIII
- Vivo Opportunity Fund
Quantifiable outcome
- 120+ IPOs and M&As facilitated
- +2 more outcomes
Companies that use Vivo Capital
Customer profileSegments3 records
Ideal customer profiles2 records
Vivo Capital technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Vivo Capital partnerships and signals
Strategic signalPartnerships
Two partnerships are on record, tiered core.
- Dutscher GroupcoreVivo Capital acquired Dutscher Group from LBO France in its first buyout investment in Europe. Dutscher is a European leader in laboratory consumables and equipment distribution with over €400 million revenue in 2025 and 1,100+ employees.
- Arrowhead PharmaceuticalscoreVivo Capital and Arrowhead Pharmaceuticals launched Visirna Therapeutics as a joint venture to expand the reach of innovative medicines in Greater China, combining Arrowhead's RNA interference technology with Vivo's regional expertise.
Scale indicators8 records
Recent moves7 records
Expansion highlights5 records
Vivo Capital competitors and assessment
Company assessmentDirect peers
- Longitude Capital: Healthcare-dedicated venture and growth equity firm with US and China presence. Directly comparable to Vivo's venture/growth strategy and US-Asia cross-border healthcare thesis.
- RA Capital Management: Healthcare-focused crossover fund investing across public and private biotech. Directly comparable to Vivo's Opportunity Fund strategy and biotech-venture activity, with co-investment overlap on multiple named rounds (Kinaset, Diamyd, OnKure).
- SV Health Investors: Healthcare-dedicated venture and growth equity firm with US/UK presence. Comparable multi-strategy healthcare platform competing for similar biotech and medtech growth investments.
- ARCH Venture Partners: Healthcare/technology venture firm backing early-stage biotech and life sciences companies. Comparable as a deep-science biotech lead investor competing for similar preclinical and clinical-stage opportunities.
- OrbiMed: Healthcare-dedicated investment firm managing across venture, growth, and public equity strategies globally. Closest direct peer to Vivo given shared healthcare-only mandate, multi-strategy platform, and similar AUM scale.
- Atlas Venture: Early-stage biotech venture firm building companies from inception. Comparable to Vivo's Innovation Fund strategy targeting venture-stage healthcare with game-changing science.
- Polaris Partners: Healthcare-active multi-stage investor with dedicated biotech franchise. Comparable to Vivo for healthcare venture/growth investing and clinical-stage co-lead positions.
- Novo Ventures: Healthcare-focused venture and growth arm of Novo Holdings investing globally in life sciences. Comparable multi-stage healthcare strategy with strong European/US footprint and similar mega-exit track record.
- New Enterprise Associates (NEA): Large healthcare-active venture firm with multi-stage biotech investing. Comparable as a healthcare-heavy VC competitor for lead/co-lead positions in US biotech Series B/D rounds (e.g., Oricell, Kinaset).
- Bain Capital Life Sciences: Healthcare-specialized arm of Bain Capital investing across venture, growth, and control buyouts in life sciences. Comparable multi-strategy healthcare platform with similar AUM scale and a buyout capability (e.g., Dutscher-style control deals).
Market position
Strengths4 records
Weaknesses4 records
Competitive moat6 records
Key risks5 records
Key highlights5 records
Customer concentration
Vivo Capital social profiles
Digital presenceVivo Capital financial estimates
Financial estimateRevenue estimate
Valuation estimate
Vivo Capital leadership team
Management profileNumber of profiles
Profiles5 records
Vivo Capital funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Vivo Capital M&A and investment
M&A and investmentM&A3 records
Investments281 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Vivo Capital
What does Vivo Capital do?
Vivo Capital is a global healthcare-focused investment firm that manages dedicated funds across venture capital, private equity, and public equity strategies. Founded in 1996, the firm invests exclusively in healthcare and life sciences companies spanning biopharmaceuticals, medical devices, diagnostics, and digital health, with approximately $5.8–$6.1 billion in assets under management.
Is Vivo Capital a public or private company?
Vivo Capital is a private company. It is classified as management employee owned and is currently operating.
When was Vivo Capital founded?
Vivo Capital was founded in 1996. It employs 51 to 100 people.
Where is Vivo Capital based?
Vivo Capital is headquartered in Palo Alto, United States, in the North America region.
How does Vivo Capital make money?
Two revenue lines are on record. Fund Management is the primary driver. The others are investment Returns.
Who are Vivo Capital's main competitors?
Direct peers on record are Longitude Capital, RA Capital Management, SV Health Investors, ARCH Venture Partners, OrbiMed, Atlas Venture, Polaris Partners, Novo Ventures, New Enterprise Associates (NEA) and Bain Capital Life Sciences.
Does Vivo Capital have an API?
No public API is recorded for Vivo Capital.
What industry is Vivo Capital in?
Vivo Capital's product category is Healthcare Investment Management. Its primary akta.pro industry code is FSANACAB, Healthcare & Life Sciences Growth Equity, with a secondary code of FSANAAAD, Sector-Focused Venture Capital (Vertical Specialists). Its NAICS code is 523940 and its SIC code is 6282.