Concentrated conviction investing.
Every potential investment undergoes rigorous scientific, commercial, and financial diligence. We seek companies where strong science meets robust execution and large addressable markets.
Our philosophy.
We practice concentrated conviction investing — a small number of deeply researched, well-resourced positions over a sprawling index. Every cheque is a multi-year commitment to a founder team we believe in.
Our approach.
- — Thesis-driven origination
- — Multi-stage, multi-continent diligence
- — Post-investment value creation framework
- — Clear path to liquidity via IPOs, strategic sales, or cross-border exits
Field notes from the frontier.
GLP-1 Therapeutics and the Retatrutide Question
Eli Lilly’s triple hormone agonist has now posted three separate Phase 3 readouts in five months. The numbers are large enough that the interesting question is no longer whether retatrutide works, but what an investor is actually supposed to do about it.
The Oral GLP-1 Race: Why a Pill Beats a Pen
Foundayo’s April 2026 approval solved obesity medicine’s most stubborn distribution problem — not efficacy, but access. The companies that understand this will be worth more than the companies still racing on weight-loss percentages alone.
Oncology’s Next Product Wave: Reading the Pipeline Beyond Checkpoint Inhibitors
Fourteen antibody-drug conjugates are now FDA-approved, bispecific T-cell engagers are moving into first-line settings, and immunotherapy has entered its combination-and-biomarker phase. The next leg of oncology value creation looks nothing like the last one.
Keytruda and the 2028 Patent Cliff: Merck’s Pipeline Bet
The best-selling drug in pharmaceutical history loses U.S. exclusivity in 2028. How Merck defends $29.5 billion in annual revenue is the closest thing biotech has to a live case study in lifecycle management — and it is being written in real time.
AI-Native Drug Discovery: Separating Platform Companies from Software Dressed Up as Biotech
More than two hundred AI-discovered molecules are now in human trials, and the mega-deals keep getting bigger. The number that actually matters — zero FDA approvals to date — is the one nobody puts on the pitch-deck slide.
Cell and Gene Therapy’s Manufacturing Bottleneck: The Unsexy Investment Thesis
The science of gene editing keeps producing headlines. The economics of actually making the product keeps producing the real opportunity — and it is far less crowded.
Biosimilars and the Slow Unwinding of Biologic Exclusivity
A cluster of patent cliffs is arriving across the second half of the decade. What actually happens to price, access, and enterprise value when a multi-billion-dollar biologic loses its patent is not obvious, and it is not the same story twice.
Genomics at Scale: What Falling Sequencing Costs Actually Unlock
The cost of sequencing a human genome fell faster than Moore’s Law ever did. The interesting question in 2026 is not the cost curve anymore — it is what gets built on top of it.
Vaccines Beyond the Pandemic: A Quietly Reinvigorated Category
The mRNA platform that made COVID vaccines possible has found a genuinely more interesting second act — not in preventing infectious disease, but in treating cancer after the fact.
Rare Disease Economics: Why Small Patient Populations Can Still Build Large Companies
A market built on the premise that too few patients exist to attract commercial interest has quietly become a $217 billion industry, treating fewer than one in twenty known rare diseases. The gap between those two numbers is the entire opportunity.
The Gulf’s Healthcare Capital Pivot: Sovereign Wealth Finds Biotech
Abu Dhabi, Riyadh, and Doha spent two decades anchoring their sovereign portfolios in oil infrastructure and real estate. In the past three years, drug discovery has become one of their largest single investment categories — and OceansGled sits directly in that corridor.
Singapore as a Biotech Bridgehead: Regulatory Arbitrage or Genuine Ecosystem?
Every multinational pharmaceutical company with Asia ambitions seems to have a Singapore office. The question worth asking is whether that reflects a genuine research ecosystem or simply a well-run regional headquarters with better tax treatment.
India’s CDMO Moment: Why Contract Manufacturing Is Becoming a Venture Category
India’s contract development and manufacturing sector is entering what one industry report bluntly calls a “reset year.” That is less a warning sign than a maturation signal — and it changes what a venture investor should actually be looking for.
Africa’s Healthcare Access Gap as an Investment Thesis, Not a Charity Case
The continent with the world’s fastest-growing population and its most underserved healthcare systems is usually discussed in the language of aid. It deserves to be discussed in the language of returns — because the underlying economics genuinely support it.
Generative AI in Clinical Trials: Where the Efficiency Gains Are Actually Real
Every large pharmaceutical company now claims an AI-accelerated clinical trial strategy. Stripping out the marketing language, three specific applications are producing measurable results — and they are not the ones getting the most attention.
Digital Therapeutics After the Reckoning: What Survived the Hype Cycle
The category that promised to make software a prescribable medicine went through a genuinely painful correction. What is left is smaller, more disciplined, and considerably more investable than the version that raised money in 2021.
AI-Assisted Diagnostics and the Regulatory Bottleneck Nobody Talks About
More than fourteen hundred AI-enabled devices now carry FDA marketing authorization. The harder question, and the one that actually determines commercial value, is what that clearance does and does not permit an algorithm to do on its own.
MedTech’s Quiet Consolidation: Why Devices Are Becoming a Platform Business
Medical device M&A is on pace for its most active year in the industry’s history, and the deal logic driving it is not simple scale — it is a defensive scramble to build AI capability and “GLP-1-proof” product portfolios before the next disruption arrives.
Concentrated Conviction, Revisited: The Portfolio Construction Math Behind a 25-Company Cap
Every fund claims discipline. Few actually cap the number of positions they will hold and mean it. Here is the arithmetic behind why we do, and why it gets harder to honor, not easier, as the fund scales.
The Biotech IPO Window in 2026: Reading Exit Liquidity for Venture-Backed Science
After the worst IPO drought in the sector’s modern history, biotech went public again in 2026 — bigger, more selective, and more tightly linked to M&A activity than in any previous cycle. Understanding why matters for every venture-backed company planning an exit over the next two years.
Semaglutide's Patent Cliff: A Global Fracture, Not a Single Event
The foundational Ozempic patent expired on a single day in March 2026. What actually happened next depended entirely on which country you were standing in — and that divergence is the more important story.
Tirzepatide's Patent Cliff: A Decade Behind Semaglutide, and Built Differently
Eli Lilly gets to watch Novo Nordisk’s patent cliff unfold in real time before facing its own. Tirzepatide’s core protection does not lapse until 2036 — and Lilly has already started building a thicket of its own around it.
Regenerative Medicine's Second Act: From Cell Therapy to Actual Organs
One FDA-approved mesenchymal stem cell therapy exists. Zero iPSC-derived therapies have finished a full clinical program. And nobody has grown a transplantable kidney. Regenerative medicine in 2026 is a category defined as much by what still hasn’t happened as by what has.
Why India, why now: the inflection in healthcare capital.
A confluence of clinical talent, regulatory maturation, and patient-payer scale is producing a generation of globally relevant healthcare companies out of India.
AI biotech: separating signal from synthetic noise.
Most AI biotech pitches collapse under one question. The companies that survive share four structural traits we underwrite for.
LP letter, 2026: dry powder, discipline, and the long arc.
Where US$320 million of remaining commitments will and won't be deployed across the back half of Fund III.