PitchBook-生物技术风险投资基金的演变（英）

1PitchBook Data, Inc.Nizar Tarhuni Executive Vice President of Research and Market IntelligencePaul Condra Global Head of Private Markets ResearchJames Ulan Director of Emerging Technology ResearchInstitutional Research GroupAnalysisKazi Helal, Ph.D. Senior Research Analyst, Biotech and Pharma kazi.helal@pitchbook.comDataSara Good Data Analystpbinstitutionalresearch@pitchbook.comPublishingDesigned by Jenna O’MalleyPublished on May 29, 2025ContentsKey takeaways1Introduction: Biotech VC fund ecosystem2Biotech VC capital flows from 2012 to 2024: A boom and a recalibration2Regional biotech investment: Innovation hubs and emerging markets8Biotech capital concentration: The fund-size spectrum and investment strategies11Biotech investment returns: The specialization premium and performance analysis13Outlook: Navigating the next frontier of life science capital17Appendix: Select lists of biotech investors19EMERGING TECH RESEARCHThe Evolution of Biotech VC FundsNavigating selectivity, convergence, and extended timelines in post-peak biotech investingPitchBook is a Morningstar company providing the most comprehensive, most accurate, and hard-to-find data for professionals doing business in the private markets.Key takeaways• Complete ecosystem cycle: The biotech VC ecosystem underwent dramatic transformation from $12.1 billion in 2012 to a peak of $152.3 billion in 2018 (a 12-fold increase) before experiencing significant market correction, declining steadily to return almost exactly to 2012 levels with $12 billion in 2024, demonstrating a complete boom-bust-reset cycle across three distinct phases: steady ascent (2012-2017), explosive expansion (2018-2021), and market rationalization (2022-2024).• Specialist-generalist dynamics within biotech: Within the biotech VC ecosystem, specialist and generalist investors have competed for market share throughout this cycle. In the early years, specialists held a minority position with just 30% of biotech capital in 2012. This shifted dramatically during the market’s peak years, as generalists surged to dominate with 92% in 2018 and 85% in 2019. However, the market correction reversed this trend. By 2024, specialist biotech investors had reclaimed leadership within the biotech sector, capturing 72% of all biotech VC ($8.6 billion) versus just 28% for generalists ($3.4 billion).• Ecosystem share contraction within broader VC: The biotech venture ecosystem’s share of total VC funding contracted dramatically from 19% in 2012 to just 6% in 2024 and 4% in Q1 2025, while biotech funds as a percentage of all VC funds fell from 10% in 2012 to just 3% in 2024, reflecting broader reallocation of capital across the venture landscape away from biotech opportunities.• Biotech vs. non-biotech divergence: Recent ecosystem performance shows 2021-2023 biotech funds delivering strong interim results (11.9% IRR) while non-biotech returns are significantly lower (0.3% IRR), reversing the 2015-2020 period when non-biotech led (18.6%