Cowen Group

Cowen Group, now operating as Cowen Inc. and recently acquired by TD Bank Group in 2023, is a diversified financial services firm based in New York. While widely recognized for its investment banking, research, and sales & trading capabilities, the firm also maintained a significant direct investment presence through its asset management arm, Cowen Investment Management. This division managed various private equity and hedge fund strategies, catering to different market segments and investment horizons.

A prominent component of Cowen's direct investment strategy was Cowen Healthcare Investments. This dedicated platform focused on making growth equity investments in innovative healthcare companies. Their approach typically involved providing capital to later-stage private companies that had demonstrated product-market fit and were poised for significant expansion. This focus differentiated them from early-stage venture capital firms, as they sought to support companies with established operations and clear pathways to commercialization.

One notable example of their commitment to the healthcare sector was the closing of Cowen Healthcare Investments IV, which secured $360 million in commitments in 2021. This fund was specifically designed to deploy capital into promising growth-stage healthcare enterprises, reflecting Cowen's strategic emphasis on this resilient and evolving industry. Their investment activities included leading and participating in substantial funding rounds, such as their involvement in a $50 million Series C round for Locus Biosciences, a biotechnology company.

Given their focus on growth equity and the scale of their funds, Cowen Investment Management typically deployed significant capital per transaction. Their first checks generally ranged from approximately $10 million for substantial minority stakes to around $50 million for leading larger growth rounds. This positions them as a key player for companies seeking substantial capital infusions for scaling operations, market expansion, or strategic acquisitions, rather than initial seed or Series A funding.