What Rhenman & Partners Asset Management does

Rhenman & Partners Asset Management AB is a Stockholm-based, privately-held asset manager founded in 2008 that specializes exclusively in the global healthcare sector. The firm manages the Rhenman Healthcare Equity L/S (RHELS) long/short equity fund, launched in June 2009, and the newer Rhenman Healthcare Next Generation L/S fund, both registered in Luxembourg through ONE Fund Management S.A., which has commissioned Rhenman to act as sole portfolio manager. The investment process combines fundamental financial analysis with input from a Scientific Advisory Board of established medical experts, each with broad international research networks, enabling the team to subspecialize across pharmaceuticals, biotech, medical technology, and healthcare services.

The firm's investment platform is built on specialist human capital rather than proprietary technology: portfolio managers maintain subsector expertise and ongoing collaboration with the Scientific Advisory Boards for both RHELS and Next Generation, supporting early identification of healthcare trends. The flagship RHELS fund has delivered reported cumulative returns of approximately 799% (IC1 EUR) and 885% (RC1 SEK) since inception, with multiple share classes across EUR, SEK, and USD. The firm is supervised by the Swedish Financial Supervisory Authority (Finansinspektionen) since February 2009 and has been a PRI signatory since 2019.

Revenue is generated through management fees on the two funds, with pricing not publicly disclosed. Distribution is conducted exclusively through banks and financial intermediaries, with no direct purchase channel from the firm. The fund is registered for professional investors across 10+ jurisdictions (Belgium, Netherlands, Italy, UK, Singapore, Switzerland, Norway, Luxembourg, and the United States), while retail access is limited to Sweden and Finland. Marketing is content-led through monthly reports, webcasts/podcasts, and newsletters emphasizing the firm's healthcare specialization and scientific investment approach.

Name

Rhenman & Partners Asset Management

Legal name

Rhenman & Partners Asset Management AB

Website

https://rhepa.se

Company type

Private

Founded year

2008

Operating status

Operating

Headcount range

1–10 employees

Short description

Rhenman & Partners Asset Management is a Stockholm-based, privately-held asset manager founded in 2008 that runs healthcare-focused long/short equity funds (RHELS and Next Generation) for professional and Nordic retail investors, distributed exclusively through banks and intermediaries.

Ownership category

akta.pro rank

Product category

Healthcare Asset Management

NAICS

Portfolio Management and Investment Advice (523940)

SIC

Investment Advice (6282)

akta.pro primary industry

Large-Cap Equity (Active) (FSAAAIAA)

Keywords

• Healthcare equity funds
• Long-short investing
• Asset management
• Biotech investments
• Medical sector funds

Headquarters

HQ city

Stockholm

HQ country

Sweden

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. Fund Management Fees: Rhenman & Partners Asset Management AB serves as the sole portfolio manager of Rhenman Healthcare Equity L/S fund. The fund is managed by ONE Fund Management S.A. (formerly FundRock Management Company S.A.) who has commissioned Rhepa to manage the fund's portfolio. Revenue is generated through management fees from the fund.

Go-to-market motion1 record

Distribution channels4 records

Marketing channels4 records

Core offering

Rhenman & Partners Asset Management AB serves as the sole portfolio manager of healthcare-focused long/short equity funds, most notably the flagship Rhenman Healthcare Equity L/S (RHELS) launched in June 2009. The firm invests globally across pharmaceuticals, biotech, medical technology, and healthcare services sub-sectors, with investment decisions supported by a dedicated Scientific Advisory Board of medical experts. Revenue is generated through management fees charged on fund assets under management, with the fund vehicle itself administered by Luxembourg-based ONE Fund Management S.A.

Product overview

Rhenman & Partners Asset Management AB is a Stockholm-based asset manager specializing exclusively in the healthcare sector. The firm operates two main fund products: Rhenman Healthcare Equity L/S (RHELS), the flagship long/short equity fund launched in 2009, and Rhenman Healthcare Next Generation L/S, a newer fund focused on next-generation healthcare innovations. The investment approach combines scientific and financial analysis, supported by a dedicated Scientific Advisory Board of medical experts. The firm provides investor services including monthly reports, webcasts, podcasts, and market sounding services for institutional investors. Funds are distributed through banks and intermediaries, with the fund registered for professional investors in multiple European countries, Singapore, and Switzerland.

Differentiator

Problem solved

Functional benefit

Products and services

• Rhenman Healthcare Equity L/S (RHELS) The flagship long/short equity fund focused exclusively on the global healthcare sector, investing across pharmaceuticals, biotech, medical technology, and healthcare services sub-sectors. Available to professional investors across multiple European countries plus Singapore, Switzerland, and the United States, and to retail investors in Sweden and Finland. The fund has delivered +799.41% on IC1 (EUR) since inception, with multiple share classes (IC1 EUR, IC3 EUR, IC2 SEK, ID1 SEK distributing, IC1 USD, RC1 EUR, RC1 SEK, RC2 SEK).
• Rhenman Healthcare Next Generation L/S A newer healthcare equity long/short fund launched by Rhenman & Partners, targeting next-generation healthcare innovations and companies. Supported by a dedicated Scientific Advisory Board of medical experts distinct from the RHELS advisory board, it complements the flagship fund by focusing on emerging healthcare themes.

Quantifiable outcome

• 885% total return since fund inception 2009 (RC1 SEK share class)
• +1 more outcomes

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Three partnerships are on record, tiered core.

• ONE Fund Management S.A.coreStrategic or Co-development PartnerONE Fund Management S.A. is the fund manager of Rhenman Healthcare Equity L/S registered in Luxembourg. They have commissioned Rhenman & Partners Asset Management AB to manage the fund's portfolio. The fund operates under their management framework and regulatory oversight.
• FundRock Management Company S.A.coreStrategic or Co-development PartnerFormer fund manager name for the Luxembourg-registered sector fund before transition to ONE Fund Management S.A. Previously commissioned Rhenman & Partners to manage the fund's portfolio.
• Scientific Advisory BoardcoreOthersExternal medical experts providing scientific guidance to portfolio managers. The advisory board consists of eminent medical experts each with broad networks of researchers and specialists worldwide, enabling early identification of healthcare trends and high-potential companies.

Scale indicators3 records

Recent moves8 records

Expansion highlights5 records

Direct peers

• HBM Partners: Swiss healthcare-specialist investment manager running long/short and private equity strategies in biotech, pharma, and medtech — a strong European analog given similar geography, specialty focus, and long/short orientation.
• Baker Bros. Advisors: Pioneering biotech- and healthcare-specialist long/short equity manager with deep scientific advisory relationships — the closest large-cap analog to Rhenman's specialist L/S franchise in healthcare.
• OrbiMed Advisors: One of the largest dedicated healthcare investment managers globally, investing across public and private biotech, medtech, and healthcare services with both long-only and long/short vehicles — directly comparable to Rhenman's healthcare-exclusive focus and specialist positioning.
• Sectoral Asset Management: Montreal-based specialist running healthcare-focused long/short and long-only equity strategies — directly comparable boutique specialist with institutional distribution focus.
• RA Capital Management: Boston-based healthcare-focused investment manager running long/short public equity and private venture strategies — a direct peer given the shared healthcare-only mandate, long/short equity orientation, and scientific overlay.
• Bellevue Asset Management (BB Healthcare / BB Biotech): Swiss specialist running healthcare and biotech long-only and long/short strategies — comparable niche focus and European distribution footprint.
• Polar Capital Healthcare Opportunities Fund: London-based specialist manager with a global healthcare long/short and long-only fund — directly comparable in strategy, distribution channels (institutional intermediaries), and boutique scale.

Broad incumbents

• Janus Henderson Global Life Sciences / Global Healthcare: Large incumbent with established global healthcare and life sciences equity funds — same product category (specialist healthcare equity) but distributed as part of a much broader multi-asset platform.
• Candriam Equities Life Sciences: European asset manager with a long-running Life Sciences equity strategy — directly comparable healthcare-only equity mandate, distributed as part of Candriam's broader institutional platform.
• AXA Investment Managers (Health): Large asset manager with a dedicated healthcare equities capability — overlaps in healthcare equity specialization but offered as part of a multi-asset institutional platform.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles14 records

Funding overview

Funding rounds

Investors

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

M&A

Investments1 record

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

Frequently asked questions about Rhenman & Partners Asset Management