Jeito Capital raises record European biopharma fund
Jeito Capital has closed its second fund at €1 billion, marking what it says is the largest raise ever for an independent European biopharma-focused vehicle. The Paris-based investor has now grown assets under management to about €1.6 billion, up from the $630 million it raised for its first fund in 2021.
The timing comes as large pharmaceutical groups brace for a major revenue reset. As blockbuster medicines lose exclusivity, industry revenues could drop by $400 billion by 2033, intensifying the hunt for new therapies and creating acquisition opportunities for investors backing late-stage clinical programs.
A concentrated model built for Phase 2 and Phase 3
Dr Rafaèle Tordjman, founder of Jeito Capital, has positioned the firm against the “spray-and-pray” style common in early biotech venture investing. Instead, Jeito typically commits up to €150 million per company across a concentrated portfolio of roughly 15 to 20 clinical-stage businesses.
The approach targets a persistent European funding gap: founders often struggle to secure the large, long-duration checks needed to carry assets through Phase 2 and Phase 3. That shortfall has helped push European biotech listings abroad; of 67 EU-based biotech IPOs in the past six years, 66 occurred outside the EU.
Recent exits and an expanding pipeline
Jeito Capital points to two major 2024 outcomes: Merck agreed to buy portfolio company EyeBio for up to $3 billion, and Biogen struck a deal for HI-Bio valued at up to $1.8 billion—nearly $5 billion combined in a single month.
Jeito II is already backing programs in obesity, cancer, neurology, autoimmune disease, reproductive medicine and cardiometabolic conditions. Its newer bets include Alveus Therapeutics, which raised a $197 million Series A in February 2026 led by Jeito Capital to develop next-generation obesity treatments.
Whether 2024’s exits reflect repeatable execution or favorable timing will become clearer as the fund’s concentrated portfolio matures.
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