Jeito Capital raises record US$1.2bn to bankroll European biopharma’s next generation

Europe has no shortage of scientific talent or entrepreneurial drive, but ambitious biopharma companies often hit a wall of limited patient capital just when they need to run larger trials, steer complex regulatory processes, and push into global markets. Jeito II is explicitly designed to ease that pressure, helping turn promising clinical assets into durable international players rather than short-lived one-hit projects or early-stage fire sales.
The Paris-based firm now manages around €1.6bn in assets, having tripled its capital base since its debut fund, Jeito I, closed at US$630m (€534m) in 2021.

Focus on Europe

Jeito II will follow much the same blueprint as Jeito I: supporting 15 to 20 clinical stage biopharma companies, predominantly in Europe, that are tackling severe diseases with high unmet need and clear commercial potential. The expanded war chest lets Jeito commit up to roughly €150m per position on average, with capital staged at key value inflection points – from early clinical proof of concept through later-stage development and commercial ramp up.
The fund has already begun deploying capital into areas where investor appetite is strongest: obesity, reproductive medicine, oncology, autoimmune and inflammatory disorders, neurology, and cardio metabolic diseases. By combining a patient-centric selection process with substantial financial backing, Jeito hopes to shorten development timelines and make the route to market access smoother, particularly in Europe and the United States.

A way around the patent cliff

Jeito frames itself as a patient-benefit-driven investor in an industry staring down a looming patent cliff: around US$400bn in pharmaceutical revenues could vanish by 2033 as blockbuster drugs lose exclusivity, according to analyses cited in the release. With more than 70% of innovative new drugs now emerging from smaller biopharma firms, big-pharma M&A and external innovation partnerships have become routine rather than rare.

What sets Jeito apart is its in-house team of over 30 multidisciplinary experts, bringing senior experience across drug development, regulatory affairs, IP strategy, commercial operations, manufacturing, and market access. This “one team” model aims to help portfolio companies meet the highest development standards, unlock follow-on value, and expand beyond their initial indications and geographies.

So far, the track record includes three exits, most notably the sale of EyeBio and Hi Bio to Merck & Co (MSD) for up to US$3bn and to Biogen for up to US$1.8bn, with an average holding period of just two years. That kind of speed and multiple, Jeito argues, supports its belief that selectivity, continuity of capital, and embedded industry expertise can squeeze years out of the typical biotech cycle.

Jeito II’s investor base reads like a roll call of institutional capital: sovereign and public funds such as the European Investment Bank and national development agencies; global pharmaceutical strategic investors, including major pharma groups with innovation focused venture arms; large insurers and asset managers; public and private pension funds; prominent family offices; major foundations and university endowments; and a mix of commercial and investment banks from Europe, North America, and Asia. Strong re-up commitments from existing backers, alongside fresh commitments from global institutions, underline the view that European biopharma can compete at the highest level – provided it can plug the long-term growth capital gap.

“This record fundraising is a collective success,” said Jeito founder and president Rafaèle Tordjman. “It is also a strong signal for the European biopharma ecosystem, demonstrating the growing conviction that European companies can drive major therapeutic innovation and significant economic benefits with the appropriate access to financial and strategic resources.” Managing partner Sabine Dandiguian added that the fund’s strength lies at the intersection of scientific excellence, unmet medical need, and differentiated innovation – where selectivity and continuity of capital can still yield outsized patient and financial returns.