Cormorant Asset Management

Cormorant Asset Management is a Boston-based hedge fund established in 2010, renowned for its specialized focus and significant investments within the global healthcare and life sciences sectors. While operating primarily as a hedge fund managing pooled investment vehicles, Cormorant has also emerged as a prominent investor in private companies, particularly through late-stage venture and private equity rounds. The firm's strategy integrates public market investments with strategic private placements, targeting innovative biotechnologies, pharmaceuticals, and medical device companies poised for substantial growth.

The firm's investment approach is characterized by a deep, research-driven understanding of the healthcare industry, enabling them to identify companies with robust scientific foundations and considerable market potential. Unlike traditional early-stage venture capital firms, Cormorant typically engages with companies that have already demonstrated significant clinical or commercial progress. Their private investments commonly occur in Series B, C, or D funding rounds, indicating a preference for more mature, de-risked opportunities where larger capital deployments can yield substantial returns. This late-stage focus allows them to support companies through critical development phases leading up to potential public offerings or acquisitions.

Cormorant's participation in these substantial funding rounds underscores their capacity for significant financial commitment. For instance, they have been key participants in numerous private rounds exceeding $100 million, including the $300 million Series D for ReCode Therapeutics and the $100 million Series B for Capstan Therapeutics. While specific individual check sizes for their private investments are not always publicly disclosed, their contributions typically range from approximately $10 million for significant participations to $50 million or more when acting as a lead or major co-investor. With assets under management well over $2 billion, Cormorant Asset Management possesses the financial depth to be a formidable backer for late-stage healthcare innovators.