What HBM Partners does

HBM Partners AG is a Swiss-domiciled, FINMA-regulated asset manager founded in 2001 and headquartered in Zug, Switzerland. The firm specializes in healthcare investments, focusing on venture, growth, and buy-out financings of private companies as well as public company investments across biopharma, medtech, diagnostics, and healthcare services. Geographic coverage spans Europe, North America, India, China, and other emerging markets, with typical ticket sizes of USD 5–50 million per transaction.

The firm operates six distinct investment vehicles: the SIX-listed HBM Healthcare Investments AG (the flagship public equity vehicle), two Luxembourg-domiciled UCITS open-ended funds (HBM Global Biotechnology Fund and HBM Global Healthcare Fund), and three Cayman-based private funds (HBM Panorama Healthcare Fund, HBM Cobra India, and HBM China Healthcare Fund). HBM serves as investment manager or advisor to these vehicles, with FundPartner Solutions (Pictet Group) acting as UCITS representative and administrator, and First Independent Fund Services and NPB New Private Bank serving Cayman fund operations. The firm also maintains a Hong Kong subsidiary to support Asian deal sourcing and portfolio company oversight.

HBM Partners generates revenue exclusively through recurring management fees (for collective investment scheme management) and advisory fees (for sub-advised vehicles), billed annually. The firm does not charge distribution commissions and serves only institutional and professional clients. With USD 2.1 billion in assets under management and a team of 11–50 professionals, HBM has executed over 100 investments resulting in more than 60 trade sales and IPOs. The senior team includes CEO Dr. Andreas Wicki (30+ years healthcare investing), CFO Erwin Troxler, and investment heads with Lombard Odier and Bank Sarasin pedigrees.

Name

HBM Partners

Legal name

HBM Partners AG

Website

https://hbmpartners.com

Company type

Private

Founded year

2001

Operating status

Operating

Headcount range

11–50 employees

Short description

HBM Partners is a FINMA-regulated Swiss healthcare asset manager founded in 2001, managing USD 2.1 billion AUM across private and public investments in biopharma, medtech, diagnostics, and healthcare for institutional investors globally.

Ownership category

akta.pro rank

Product category

Healthcare Asset Management

NAICS

Portfolio Management and Investment Advice (52394)

SIC

Investment Advice (6282)

akta.pro primary industry

Venture Capital Fund-of-Funds / Multi-Manager Platforms (FSANAAAJ)

Keywords

• Healthcare asset management
• Private equity investments
• Biopharma venture capital
• Growth equity financing
• Healthcare investment funds

Headquarters

HQ city

Zug

HQ country

Switzerland

HQ region

Europe

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Management Fees: HBM receives compensation as portfolio manager with a Management Fee for its services in managing collective investment schemes. This represents HBM's sole compensation for services to the Financial Instruments and to the client.
2. Advisory Fees: HBM acts as investment advisor to certain funds (such as HBM Cobra India Fund) pursuant to an investment advisory agreement and receives Advisory Fees for providing advice, analysis of the selection of investments, and preparing periodic reports.

Pricing tiers

Go-to-market motion2 records

Distribution channels1 record

Marketing channels3 records

Core offering

HBM Partners is a Swiss healthcare-focused asset manager that invests in venture, growth, and buy-out financings of private companies as well as public companies in the biopharma, medtech, diagnostics, and healthcare sectors. The firm manages USD 2.1 billion in assets under management and advises six investment vehicles, including the SIX-listed HBM Healthcare Investments Ltd, two UCITS funds, and three Cayman-based private funds.

Product overview

HBM Partners is a Swiss healthcare-focused asset manager that provides investment management and advisory services to healthcare companies across Europe, North America, and Emerging Markets. The firm advises several specialized public and private equity investment vehicles including the SIX-listed HBM Healthcare Investments Ltd, two Luxembourg-domiciled UCITS funds (HBM Global Biotechnology Fund and HBM Global Healthcare Fund), and three Cayman-based private funds (HBM Panorama Healthcare Fund, HBM Cobra India, and HBM China Healthcare Fund). Founded in 2001 and regulated by FINMA, HBM Partners manages USD 2.1 billion in assets under management, focusing on venture, growth and buy-out financings of private companies as well as investments in public companies in biopharma, medtech, diagnostics and healthcare sectors. Investment sizes typically range from USD 5 to 50 million.

Differentiator

Problem solved

Functional benefit

Products and services

• HBM Healthcare Investments SIX-listed investment company that is the primary public equity vehicle advised by HBM Partners, focusing on healthcare investments across biopharma, medtech, diagnostics and healthcare services.
• HBM Global Biotechnology Fund Open-ended investment fund with multiple compartments governed by Luxembourg law, established in accordance with UCITS provisions. HBM serves as investment advisor with FundPartner Solutions as representative and Banque Pictet & Cie SA as paying agent.
• HBM Global Healthcare Fund Open-ended investment fund with multiple compartments governed by Luxembourg law, established in accordance with UCITS provisions. Part of the same UCITS structure as the HBM Global Biotechnology Fund.
• HBM Panorama Healthcare Fund Cayman-based private healthcare fund with First Independent Fund Services as representative and NPB New Private Bank as paying agent. HBM acts as investment manager.
• HBM Cobra India Cayman-based private fund focused on Indian healthcare investments. HBM acts as investment advisor pursuant to an investment advisory agreement, with First Independent Fund Services as representative and NPB New Private Bank as paying agent.
• HBM China Healthcare Fund Cayman-based private fund focused on Chinese healthcare investments. HBM acts as investment manager based on dedicated investment management agreements, with First Independent Fund Services as representative and NPB New Private Bank as paying agent.

Quantifiable outcome

• Over 100 investments completed with more than 60 trade sales and IPOs
• +1 more outcomes

Named customers6 records

Segments2 records

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Five partnerships are on record, tiered core and flagship.

• FundPartner Solutions (Suisse) SA (Pictet Group)coreTechnology or IntegrationFundPartner Solutions acts as representative and administrator for the UCITS funds (HBM Global Biotechnology Fund and HBM Global Healthcare Fund). The firm is part of the Pictet Group and provides investment management services, administrative agency, corporate and domiciliary agency, paying agent, registrar and transfer agency services to the UCITS.
• Banque Pictet & Cie SAcoreOthersAppointed as paying agent for the HBM Global Biotechnology Fund and HBM Global Healthcare Fund UCITS vehicles.
• First Independent Fund Services LtdcoreOthersAppointed as representative for the Cayman-based funds: HBM Panorama Healthcare Fund, HBM Cobra India and HBM China Healthcare Fund.
• NPB New Private Bank LtdcoreOthersAppointed as paying agent for the Cayman-based HBM Panorama Healthcare Fund, HBM Cobra India and HBM China Healthcare Fund.
• HBM Healthcare Investments AGflagshipStrategic or Co-development PartnerSIX-listed stock corporation. HBM Partners advises this entity. There is some overlap in personnel between HBM and HBI, although it is contractually ensured that employees concerned are independent of instructions. HBM distributes shares of HBM Healthcare Investment AG to qualified investors.

Scale indicators5 records

Recent moves6 records

Expansion highlights4 records

Direct peers

• Orbimed Advisors: One of the largest healthcare-dedicated investment firms globally, investing across venture, growth, public equity, and royalty/structured finance in biopharma, medtech, and diagnostics. Direct peer to HBM Partners given nearly identical strategy, sector specialization, and stage focus.
• Baker Bros. Advisors: Long-only healthcare-focused investment firm investing in biotech equities across public and private markets. Closely comparable to HBM's public-private healthcare crossover approach.
• Wellington Partners: Munich-based European life sciences venture capital firm investing across biopharma, medtech, and diagnostics. Co-investor with HBM on companies such as Adrenomed and Sphingotec, making it a directly comparable European healthcare specialist.
• Sofinnova Partners: Paris-based European healthcare and life sciences venture capital firm investing across biopharma, medtech, and digital health. Direct peer given overlapping stage focus, sector specialization, and European base with global reach similar to HBM.
• Forbion: European healthcare-dedicated venture and growth capital firm with multiple fund vintages across biopharma and medtech. Highly comparable to HBM in stage focus, sector specialization, and European base of operations.
• RA Capital Management: Boston-based healthcare-focused investment manager spanning public and private biotech equities and venture. Directly comparable to HBM in combining public and private healthcare exposure under one platform.
• Atlas Venture: Early-stage life sciences venture firm building biotech companies from inception. Comparable to HBM on the venture side of its platform with similar scientific rigor and biotech focus, though Atlas is more stage-narrow.

Broad incumbents

• Novo Holdings (Novo Ventures): Holding company of the Novo Nordisk Foundation, investing broadly in life sciences venture and growth equity globally. Comparable to HBM in healthcare focus and stage coverage, but with substantially larger AUM and permanent capital base.
• Polaris Partners: Multi-stage venture and growth firm with a dedicated healthcare practice spanning therapeutics, medtech, and digital health. Broader incumbent peer given diversified sector exposure alongside HBM-comparable healthcare activity.

Emerging players

• Jeito Capital: European healthcare-dedicated growth fund focused on later-stage biopharma companies. Comparable to HBM's growth-stage healthcare mandate and emerging as a relevant European peer in the same niche.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat6 records

Key risks5 records

Key highlights6 records

Customer concentration

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Funding overview

Funding rounds

Investors

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

M&A

Investments56 records

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

Frequently asked questions about HBM Partners