What Oberland Capital does

Oberland Capital is a New York-based private investment firm founded in 2013 that provides structured financing to global healthcare companies across pharmaceuticals, biotechnology, medical devices, and diagnostics. The firm was founded by Jean-Pierre Naegeli and Andrew Rubinstein, both previously partners at Paul Capital's healthcare royalty platform, and has grown to a 25-person team managing approximately $3.2 billion in assets under management as of December 31, 2025.

The firm's core offering is a modular suite of six financing products: royalty monetization (upfront capital in exchange for future royalty streams), royalty-backed securities (non-recourse loans collateralized by IP and royalties), revenue interests (non-dilutive capital in exchange for product-level royalties), project-based structures (clinical-trial milestone financing), traditional long-term debt, and hybrid structures combining debt or equity with royalty/revenue interests. Transactions are bilateral and highly customized, with ticket sizes typically ranging from $50 million to $300+ million and structures often featuring tranched drawdowns tied to clinical, regulatory, or commercial milestones.

Oberland originates deals directly through relationships with healthcare management teams and has executed across the US, Europe (Switzerland, Denmark, UK), Asia Pacific, South America, and the Middle East. The firm closed its Solutions Fund at $1.05 billion in May 2020 and its third Healthcare Royalty and Credit Opportunities Fund at a $1.2 billion hard cap in October 2022, both oversubscribed. Disclosed portfolio activity spans more than a dozen healthcare companies including Biohaven, ImmunityBio, Centessa Pharmaceuticals, Esperion, Zealand Pharma, Mirum Pharmaceuticals, Verastem Oncology, Humacyte, BillionToOne, ClearPoint Neuro, Opus Genetics, Axogen, Helsinn, Curis, and NorthStar Medical. Revenue is generated primarily through management fees on committed AUM, supplemented by transaction structuring premiums and, opportunistically, carried interest on realized investments.

Name

Oberland Capital

Legal name

Oberland Capital Management LLC

Website

https://oberlandcapital.com

Company type

Private

Founded year

2013

Operating status

Operating

Headcount range

11–50 employees

Short description

Oberland Capital is a New York-based private healthcare investment firm managing approximately $3.2 billion in AUM. It provides bespoke structured financings, including royalty monetization, revenue interests, and milestone-based debt, to clinical- and commercial-stage pharmaceutical, biotechnology, medical device, and diagnostics companies globally.

Ownership category

akta.pro rank

Product category

Healthcare Royalty and Structured Credit Financing

NAICS

Portfolio Management and Investment Advice (523940), Other Investment Pools and Funds (5259)

SIC

Investment Advice (6282)

akta.pro primary industry

Corporate Finance & Capital Advisory (BPAHADAB)

akta.pro secondary industries

Capital Raising Advisory (Debt/Equity/Private Capital) (BPAHADAG), Equity Capital Advisory (Private Equity Placements, Growth Capital) (BPAHAOAE)

Keywords

• Healthcare royalty financing
• Structured credit solutions
• Royalty monetization services
• Biotech debt financing
• Life sciences investment

Headquarters

HQ city

New York

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, Others

Revenue model

1. Royalty Monetization: Oberland Capital provides capital upfront or as a series of milestones in exchange for the rights to future royalties from healthcare products. They monetize all or a portion of existing or future royalty streams.
2. Revenue Interest Financing: Capital provided to healthcare companies in exchange for a royalty on future revenues from one or more products. This type of financing is non-dilutive to shareholders.
3. Project-Based Structures: Financing for late-stage clinical trials where Oberland Capital may receive milestone payments and royalties depending on the successful progress of clinical trials.
4. Royalty-Backed Securities: Loans collateralized by royalties, license agreements, and intellectual property. Principal and interest payments are derived solely from royalties received and are typically non-recourse to the royalty holder.
5. Traditional Debt: Long-term credit facilities structured to best fit the needs of healthcare company partners.
6. Equity Investments: Strategic equity investments alongside debt financing structures, typically in conjunction with structured financing agreements.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

Oberland Capital is a private healthcare-focused investment firm that provides flexible, non-dilutive structured financing to pharmaceutical, biotechnology, medical device, and diagnostics companies. Its core offerings include royalty monetization, acquisition of future product revenues, royalty-backed securities, revenue interest financing, project-based clinical trial financing, and traditional debt and equity investments, with typical deal sizes of $50 million to $300+ million.

Product overview

Oberland Capital is a private investment firm offering a comprehensive suite of flexible financing solutions for the global healthcare industry. The firm specializes in six core financing products: Royalty Monetization (providing upfront capital in exchange for future royalty rights), Royalty-Backed Securities (loans collateralized by IP and royalties), Revenue Interests (capital with royalties on future product revenues), Traditional Debt (long-term credit facilities), Project-Based Structures (clinical trial milestone financing), and Hybrid Structures (customized combinations of the above). With approximately $3.2 billion in assets under management, Oberland Capital targets investment sizes of $50-300 million+ across pharmaceuticals, biotechnology, medical devices, and diagnostics sectors.

Differentiator

Problem solved

Functional benefit

Products and services

• Royalty Monetization Provides upfront capital or milestone-based capital to partners in exchange for the rights to existing or future royalty streams from healthcare products, enabling partners to immediately unlock the value of their intellectual property. Designed for pharmaceutical, biotechnology, medical device, and diagnostics companies and research institutions.
• Royalty-Backed Securities Loans collateralized by royalties, license agreements, and intellectual property, where principal and interest payments are derived solely from royalties received and are typically non-recourse to the royalty holder. Targets healthcare companies seeking non-recourse debt financing.
• Revenue Interests Capital provided to healthcare companies in exchange for a royalty on future revenues from one or more products, offering a non-dilutive financing alternative to equity raises. Targeted at commercial-stage companies with revenue-generating products.
• Traditional Debt Long-term credit facilities structured to meet the specific needs of healthcare company partners, including senior secured notes and interest-only term loans with multi-year durations.
• Project-Based Structures Financing for companies pursuing late-stage clinical trials, where Oberland may receive milestone payments and royalties depending on the successful progress of the clinical trial. Targeted at clinical-stage healthcare companies seeking milestone-aligned funding.
• Hybrid Structures Customized structures combining traditional equity or debt instruments or project-based structures with the purchase of royalties or revenue interests, allowing tailored solutions for specific partner capital requirements. Used across both clinical- and commercial-stage healthcare companies.

Quantifiable outcome

• Fund III closed at $1.2 billion hard cap in October 2022, significantly oversubscribed
• +1 more outcomes

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators3 records

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• Perceptive Advisors: Life sciences-focused investment manager with credit, royalty, and venture strategies. Comparable to Oberland in healthcare-only focus and structured capital offerings, though with broader product breadth.
• Hercules Capital: Publicly traded venture debt provider with significant life sciences exposure, offering senior secured loans to growth-stage healthcare and technology companies. Overlaps with Oberland's traditional debt product for commercial-stage healthcare.
• Bridge Bank (Western Alliance Bank): Banking franchise with a dedicated Life Sciences practice providing venture debt and structured capital to biotech, medtech, and diagnostics companies. Adjacent competitor to Oberland on the debt-financing side.
• OrbiMed: One of the largest healthcare-dedicated investment firms globally, spanning PE, venture, royalty, and credit strategies. Overlaps with Oberland in royalty/credit but operates at materially greater AUM and across a wider product set.

Direct peers

• Hayfin Capital Management: Specialty finance manager with a dedicated healthcare and life sciences strategy offering structured credit and royalty solutions. Comparable to Oberland in bespoke structuring for healthcare companies.
• Royalty Pharma: The largest dedicated healthcare royalty acquisition company. Directly comparable to Oberland in its core business of purchasing royalties and providing non-dilutive capital to pharma and biotech, but operates at substantially greater scale with public-market access.
• HealthCare Royalty Partners (HCR): Healthcare-focused structured capital firm providing royalty and debt financings to commercial and late-stage biopharma. Closest direct competitor to Oberland in terms of mandate, structure types, and target partner profile.
• K2 HealthVentures: Specialty healthcare financier offering structured debt, royalty, and venture leasing solutions to life sciences companies. Direct overlap with Oberland's debt and hybrid financing products for healthcare innovators.
• Innovatus Capital Partners: Alternative investment firm with a dedicated life sciences strategy focused on structured financings, royalty purchases, and equipment leasing for healthcare and life sciences companies. Closely aligned with Oberland's hybrid and project-based offerings.

Emerging players

• Cormorant Asset Management: Healthcare-focused investment firm providing structured capital and equity to public and private life sciences companies. Comparable strategy and therapeutic focus, though smaller AUM than Oberland.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/oberland-capital

Revenue estimate

Valuation estimate

Number of profiles

Profiles21 records

Funding overview

Funding rounds

Investors

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

M&A

Investments23 records

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

Frequently asked questions about Oberland Capital