Rock Springs Capital

What Rock Springs Capital does

Rock Springs Capital is a Baltimore-based, SEC-registered investment adviser (Rock Springs Capital Management, LP) founded in 2013 by Kris Jenner, MD, D.Phil., and Mark Bussard, MD — both former T. Rowe Price portfolio managers who previously ran the Health Sciences Fund from 2000 to 2013. The firm manages approximately $1.8 billion in assets under management as of February 28, 2026, deployed through a healthcare-focused equity strategy targeting institutional investors, qualified purchasers, and accredited investors. Its investment process is research-intensive and fundamental, organized by therapeutic area rather than sector, and emphasizes identifying First-in-Class and Best-in-Class therapeutic innovations with the potential to change the standard of care.

The firm's platform is its people: a senior team of three (Jenner, Bussard, and Partner Scott Schafer, CFA) with more than two decades of shared investment experience, supported by an investment team of five analysts and dedicated finance, compliance, and investor relations functions. The team combines MDs, PhDs, and MBAs from Johns Hopkins, Yale, Oxford, Harvard, Wharton, and University of Virginia. Distribution is conducted directly to institutional allocators through relationship-based marketing and industry events, with the firm maintaining a dedicated Director of Investor Relations. Revenue is generated through management fees and performance fees on the healthcare-focused fund(s), with specific fee terms disclosed only via confidential offering memoranda.

Beyond the flagship healthcare public-equity strategy, the firm has extended its footprint into private healthcare investments, participating as a co-investor in City Therapeutics' $99.5 million Series B in June 2026 alongside ARCH Venture Partners, Regeneron Ventures, Sofinnova Investments, and Viking Global Investors. The firm is privately held, structured as a limited partnership, with no disclosed parent company, outside ownership, or public funding history.

Name

Rock Springs Capital

Legal name

Rock Springs Capital Management, LP

Website

https://rockspringscapital.com

Company type

Private

Founded year

2013

Operating status

Operating

Headcount range

11–50 employees

Short description

Rock Springs Capital is a Baltimore-based, SEC-registered investment adviser founded in 2013 that manages approximately $1.8 billion in healthcare-focused assets for institutional investors, qualified purchasers, and accredited investors, applying a research-intensive, therapeutics-area-based fundamental approach.

Ownership category

akta.pro rank

Product category

Healthcare Investment Management

NAICS

Portfolio Management and Investment Advice (523940)

SIC

Investment Advice (6282)

akta.pro industry

PRIMARYFSANALAE

HoldCo / Permanent Capital ETA

Financial & Insurance/Private Equity & Venture Capital/Search Funds / Entrepreneurship Through Acquisition (ETA)

Keywords

• Healthcare investment management
• Institutional asset management
• Therapeutic innovation investing
• Fundamental equity research
• Venture capital healthcare

Headquarters

HQ city

Baltimore

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Others

Revenue model

1. Investment Management Fees: The firm generates revenue through management fees and performance fees from its healthcare-focused investment funds, managing approximately $1.8 billion in assets under management as of February 2026.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels2 records

Core offering

Rock Springs Capital is a healthcare-focused investment management firm that manages approximately $1.8 billion in assets under management. The firm provides investment management services to institutional investors, qualified purchasers, and accredited investors, deploying a research-intensive, fundamental investment approach to identify First-in-Class and Best-in-Class therapeutic innovations that can change the standard of care. Rock Springs Capital is an SEC-registered investment adviser structured as a limited partnership (Rock Springs Capital Management, LP).

Product overview

Rock Springs Capital is a healthcare investment management firm that manages approximately $1.8 billion in assets under management. The firm focuses on identifying and investing in first-in-class and best-in-class therapeutic innovations through a research-intensive, fundamental investment approach. Rather than offering technology products or platforms, the firm provides investment management services to qualified investors seeking exposure to healthcare companies addressing critical unmet medical needs.

Differentiator

Problem solved

Functional benefit

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators4 records

Recent moves5 records

Expansion highlights4 records

Emerging players

• Casdin Capital: Biotech-focused crossover fund investing across public and private life sciences companies. Comparable in scientific diligence orientation and crossover deal sourcing, though with a more concentrated public-equity tilt.

Direct peers

• OrbiMed Advisors: One of the largest healthcare-dedicated investment firms globally, investing across public equities, private equity, and royalty/credit in biotech, medtech, and healthcare services. Direct competitor for institutional healthcare allocations and co-investment syndicates like the City Therapeutics Series B.
• RA Capital Management: Healthcare-focused crossover investor running both public equities and private biotech funds, with deep scientific diligence capabilities. Directly comparable to Rock Springs in target investments, LP base, and research-intensive thesis-driven approach.
• Baker Bros. Advisors: Biotech-focused long-only investment adviser co-founded by physician-scientists with a deep scientific research model analogous to Rock Springs' multi-disciplinary approach. Competes for the same institutional healthcare allocations and primary biotech financings.
• Cormorant Asset Management: Healthcare-dedicated investment manager combining public equities and private biotech investing with a research-intensive, physician-led process. Closely comparable to Rock Springs in mandate scope, scientific diligence orientation, and crossover deal activity.
• Perceptive Advisors: Healthcare-focused investment firm with public and private strategies and a strong life sciences research franchise. Competes head-to-head with Rock Springs for institutional capital and high-conviction biotech opportunities.
• Deerfield Management: Healthcare-dedicated investment firm spanning public equities, private equity, and structured finance across the healthcare continuum. Comparable in dedicated healthcare focus and institutional LP base, with broader strategy offerings.
• Foresite Capital: Healthcare and life sciences-focused investment firm backing public and private biotech, genomics, and medtech companies. Comparable in therapeutic innovation focus and crossover investing style.

Broad incumbents

• T. Rowe Price Health Sciences Fund: The flagship healthcare strategy managed by Rock Springs' founders prior to 2013. As a multi-trillion-dollar incumbent, T. Rowe Price competes in the same healthcare allocation slot but with vastly greater AUM scale, broader product shelf, and institutional reach.
• Janus Henderson Investors: Global asset manager offering dedicated healthcare equity strategies alongside a broad multi-asset platform. Larger incumbent competing for the same healthcare allocation budgets from consultants and institutional LPs.

Market position

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/rock-springs-capital

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments175 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Rock Springs Capital