Repair Impact Fund

What Repair Impact Fund does

REPAIR Impact Fund is an impact investment vehicle established by Novo Holdings A/S in February 2018 and commissioned by the Novo Nordisk Foundation, with a total commitment of USD 165 million dedicated to combating antimicrobial resistance (AMR). The fund invests in start-ups, early-stage companies, and corporate spin-outs in Europe and the United States that are developing first-in-class therapies across small molecules, biologics, and new modalities, with priority given to programs targeting the 18 pathogen families identified as priorities by the World Health Organization and the United States Centers for Disease Control and Prevention. Investments range from EUR 1 million to EUR 12 million per company, deployed either as sole investor or in syndicate with partners such as Boehringer Ingelheim Venture Fund, Evotec SE, AXA IM Alts, and Adjuvant Capital, and the fund supports programs from lead optimization through Phase 1 clinical proof of concept.

The fund generates returns through equity appreciation and exits rather than product sales, with its first material exit realized in May 2025 via the acquisition of portfolio company Paratek Pharmaceuticals by Optinose. Beyond direct investing, REPAIR extends its AMR mission through sidecar commitments of USD 50 million to the AMR Action Fund, USD 25 million to CARB-X, and participation in joint initiatives including the Gram-Negative Antibiotic Discovery Innovator (Gr-ADI) with the Gates Foundation and Wellcome, and the Novo Nordisk Foundation Initiative for Vaccines and Immunity (NIVI). In 2023, the fund paused new investment activity to focus on supporting its 12 existing portfolio companies and advocating for new pull-payment models for infectious disease therapeutics. Operating as a budget within Novo Holdings Seed Investments with a small team of 1-10 employees, the fund is governed by a Scientific Selection Board of ten world-class experts who screen proposals through a formal non-confidential presentation and full business plan process, having reviewed over 300 proposals since inception.

Name

Repair Impact Fund

Legal name

Novo Holdings A/S

Website

https://repair-impact-fund.com

Company type

Private

Founded year

2018

Operating status

Operating

Headcount range

1–10 employees

Short description

REPAIR Impact Fund is a USD 165 million Novo Holdings investment vehicle that funds early-stage biotech companies in Europe and the United States developing first-in-class therapeutics, vaccines, and biologics to combat antimicrobial resistance.

Ownership category

akta.pro rank

Product category

Impact Investment / Venture Capital (Biotechnology)

NAICS

Open-End Investment Funds (525910)

SIC

Investment Advice (6282)

akta.pro primary industry

Healthcare Access & Life Sciences Impact Funds (FSANAJAI)

akta.pro secondary industries

Sustainable Private Markets (Impact PE/VC, Private Credit, Infrastructure) (FSAAALAG), Impact Investing & Social Finance (Funds, CDFIs, Microfinance) (BPAGALAA), Impact Investing (Intentional, Measurable Social/Environmental Outcomes) (FSAAALAC)

Keywords

• Antimicrobial resistance investment
• Biotech venture capital
• Anti-infective therapeutics funding
• Impact investment fund
• Early-stage biotech financing

Headquarters

HQ city

Gentofte

HQ country

Denmark

HQ region

Europe

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. Equity Investment Returns: The fund generates returns through equity investments in portfolio companies developing anti-infective therapeutics. Returns are realized through exits such as acquisitions or IPOs. Paratek Pharmaceuticals represents an exit via acquisition by Optinose in May 2025.
2. Portfolio Company Success: The fund seeks to advance innovative anti-infective programs through phase 1 clinical proof of concept studies, with the goal of creating value through successful clinical development and eventual commercialization or exit.

Go-to-market motion2 records

Distribution channels1 record

Marketing channels5 records

Core offering

REPAIR Impact Fund is an impact investment fund that provides equity capital to start-ups, early-stage companies and corporate spin-outs in Europe and the United States developing first-in-class therapies (small molecules, biologics, and new modalities) against WHO and CDC priority pathogens. Investments range from EUR 1 million to EUR 12 million per company, advancing programs from lead optimization through Phase 1 clinical proof of concept. The fund is executed by Novo Holdings Seed Investments and commissioned by the Novo Nordisk Foundation.

Product overview

The REPAIR (Replenishing and Enabling the Pipeline for Anti-Infective Resistance) Impact Fund is a single investment vehicle managed by Novo Holdings, commissioned by the Novo Nordisk Foundation. The Fund invests in start-ups, early-stage companies and corporate spin-outs in Europe and the United States, with priority given to first-in-class therapies covering small molecules, biologics and new modalities, from the early stage of drug development to the early stages of clinical development. The Fund focuses on priority pathogens as defined by the World Health Organization and the United States Centers for Disease Control and Prevention.

Differentiator

Problem solved

Functional benefit

Products and services

• REPAIR Impact Fund Single impact investment vehicle providing equity capital (EUR 1M–EUR 12M per company, sole or syndicate) to early-stage biotechnology companies and corporate spin-outs developing first-in-class anti-infective therapeutics (small molecules, biologics, new modalities) targeting WHO and CDC priority pathogens; supports programs from lead optimization through Phase 1 clinical proof of concept.

Quantifiable outcome

• 1.2 million+ deaths annually from antibiotic-resistant infections
• +4 more outcomes

Named customers5 records

Segments3 records

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Three partnerships are on record, tiered core and major.

• AbVacccoreStrategic or Co-development Partner · 21 December 2023Licensing agreement granting LimmaTech exclusive clinical development rights to AbVacc's LBT-SA7 S. aureus vaccine candidate. AbVacc has been portfolio company since 2019.
• The Novo Nordisk Foundation Initiative for Vaccines and Immunity (NIVI)majorStrategic or Co-development PartnerEstablished initiative focused on vaccines and immunity. Part of ongoing AMR commitment by Novo Nordisk Foundation.
• Gram-Negative Antibiotic Discovery Innovator (Gr-ADI)majorStrategic or Co-development PartnerJoint initiative with The Gates Foundation and Wellcome to accelerate discovery of new treatments for antimicrobial resistance.

Scale indicators10 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Evotec SE: Evotec SE is a drug discovery and development company that co-invested in Centauri Therapeutics alongside REPAIR. Both participate in early-stage AMR investment and Evotec's integrated drug discovery platform offers comparable capabilities to REPAIR's Scientific Selection Board in supporting portfolio company R&D.
• CARB-X: CARB-X (Combating Antibiotic-Resistant Bacteria Biopharmaceutical Accelerator) is a global non-profit partnership focused on accelerating antibacterial research. REPAIR has committed USD 25M to CARB-X and many of its portfolio companies (e.g., AbVacc) receive CARB-X grants, making them a directly comparable funding entity for early-stage AMR therapeutics across small molecules and biologics.
• AMR Action Fund: The AMR Action Fund is the largest collaborative venture dedicated to combatting antimicrobial resistance, backed by over 20 leading pharmaceutical companies including Pfizer, Merck, and Roche. REPAIR has committed USD 50 million to the AMR Action Fund, making them direct collaborators and most comparable peers given their shared AMR investment thesis, target stage (clinical development), and focus on first-in-class therapeutics.
• Adjuvant Capital: Adjuvant Capital is a biotech-focused impact investment firm that co-led LimmaTech's USD 37M Series A with REPAIR. Both funds target life sciences companies addressing neglected diseases and global health challenges, with similar ticket sizes, stages (Series A and earlier), and impact-plus-return mandates, making them highly comparable peers.
• Boehringer Ingelheim Venture Fund: Boehringer Ingelheim Venture Fund is the corporate venture arm of Boehringer Ingelheim that co-invested in Centauri Therapeutics' GBP 24M Series A alongside REPAIR. Both funds invest early-stage in infectious disease and AMR-relevant biotechs with strategic value to pharma partners.

Broad incumbents

• Wellcome Trust: Wellcome Trust is a major global charitable foundation that funds AMR research including co-founding CARB-X and partnering with the Gates Foundation on Gr-ADI alongside REPAIR. As a much larger and broader health-focused funder with comparable patient capital and AMR priorities, Wellcome is a broad incumbent peer to REPAIR's specialized impact fund.
• Novartis Venture Fund: Novartis Venture Fund is the corporate venture capital arm of Novartis investing in early-stage biotech. As a large pharma CVC with comparable focus on early-stage life sciences therapeutics including infectious disease, it is a broad incumbent peer relevant to REPAIR's biotech investment focus.
• Bill & Melinda Gates Foundation: The Gates Foundation is the world's largest charitable foundation, co-founding the Gr-ADI initiative alongside REPAIR/Novo Holdings and Wellcome. While much broader in scope, the Gates Foundation's substantial global health and infectious disease investments make it a comparable peer in funding AMR-related therapeutic development.

Emerging players

• AXA IM Alts: AXA IM Alts is the alternatives investment arm of AXA Investment Managers, which co-led LimmaTech's USD 37M Series A with REPAIR and Adjuvant Capital. While primarily a large diversified alternatives investor, its healthcare private equity strategy has direct overlap with REPAIR's life sciences impact mandate.

Others

• GV (Google Ventures): GV is the venture capital arm of Alphabet investing broadly in life sciences and health biotech. While not AMR-focused, GV's life sciences practice invests in similar early-stage therapeutic platforms and represents an adjacent institutional investor archetype to REPAIR's structured impact fund approach.

Market position

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/repair-impact-fund

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Funding overview

Funding rounds

Investors

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M&A

Investments12 records

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Frequently asked questions about Repair Impact Fund