Investor Profile: Vivo Capital — Thesis, Cheque Size & How to Apply

Vivo Capital funding has backed healthcare companies on both sides of the Pacific for nearly three decades. Founded in 1996 and headquartered in Palo Alto, California, Vivo Capital is a global healthcare investment firm with a multi-strategy platform covering venture capital, private equity and public equity, and a stated aim of expanding healthcare access through its investments.

Thesis & focus

Vivo Capital invests broadly across healthcare, with a focus on the largest healthcare markets globally. Its distinctive idea is the Ecosystem Strategy: using its network across the United States and Asia to help companies develop and commercialise products in markets around the world. For founders, that cross-border capability is the point.

Sectors & stages

The firm invests across biotechnology, pharmaceuticals, medical devices, life science tools, diagnostics, health technology and healthcare services. It invests in companies at all stages, although historically it moved from early-stage investing towards growth-stage companies and buyout deals, and its biotech investments tend to involve companies that already have treatments in clinical trials with human data. Its strategies span venture capital, growth equity, buyout and public equities.

Fund size & cheque size

Vivo Capital does not publish a standard cheque-size range, so cheque size is not publicly disclosed. Its fund history shows the scale it operates at: Vivo Capital Fund IX closed at $1.43 billion in 2019, the Vivo Opportunity Fund closed oversubscribed at $635 million in 2018 for public healthcare equities, and Vivo Capital Fund VIII closed at $750 million in 2015. Assets under management were reported at about $5.3 billion in March 2025, while a September 2026 company release put actively managed capital at approximately $7 billion.

Notable portfolio

Vivo Capital has invested in over 430 public and private companies globally, according to company descriptions. Notable names include Sinovac Biotech, developer of the CoronaVac COVID-19 vaccine, WuXi AppTec, Amyris, Angiotech Pharmaceuticals and Precision BioSciences. More recent activity includes Serán Bioscience, a pharmaceutical manufacturing specialist, and Avistone Pharmaceuticals, which secured a $200 million strategic investment from Vivo Capital alongside Bain Capital and Primavera Capital.

Partners & team

Vivo Capital was founded in 1996 as BioAsia Investments by Frank Kung and Edgar G. Engleman, who had previously founded Genelabs Technologies. The team now numbers more than 70 multi-disciplinary professionals, including scientists, physicians, entrepreneurs and operating executives. In September 2026 the firm appointed Neetesh Kumar as Managing Partner to co-lead its private equity strategy in the United States.

Programmes, credits & perks

No public accelerator programme, credits scheme or perks programme was found for Vivo Capital. It does run an early-stage vehicle, the $100 million Vivo Innovation (PANDA) Fund, focused on early-stage investments, which is a fund rather than a founder programme. Support comes through its multi-disciplinary team, its cross-border network and its ability to fund companies across stages.

How to apply for funding

Vivo Capital does not publish an open pitch-submission portal that could be verified. Founders should approach through its official website at vivocapital.com, or through an introduction from a portfolio founder, scientist or healthcare operator. Given the firm's preference for companies with clinical data, an approach should lead with trial evidence, regulatory status and a clear cross-border plan, rather than an idea alone.