$12B-plus in new life sciences funds this year
So far, at least 27 firms have announced new VC funds in 2025, four drawing over $1B
With less than a month left, at least 27 VC firms have announced new funds this year, raising a combined $12.5 billion in dry powder for biotech investment across 31 new funds. Nine of those funds have $500 million-plus to deploy, with four topping $1 billion each.
An analysis of new biotech VC funds disclosed in 2025 shows a market still cautious but stabilizing. After a slow start, fundraising surged later in the year as LPs committed capital chiefly to large, multi-stage funds run by established managers. Early-stage vehicles made up about a third of the capital, reflecting continued selectivity in company formation. Altogether, fewer funds have closed so far this year than last, but the majority of capital raised comes from $500 million-plus funds, a sign of continued consolidation in biotech venture...