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    TPG Biotech logo

    TPG Biotech

    San Francisco, California, United StatesFounded 2001
    www.tpg.com/platforms/growth/tpg-life-sciences-innovation
    Biotech & Life SciencesHealthcare

    TPG Biotech is the life sciences venture capital platform of TPG, a leading global alternative asset manager. It partners with scientific founders to invest in novel therapeutics, medical devices, diagnostics, and tech-enabled services from company creation through commercial stages.

    Deal activity decreased year-over-year (3 deals in the last 12 months vs 8 prior). Average disclosed round size is $391.8M (across 86 rounds with reported amounts).

    Find people at TPG Biotech on Goldilocks AI

    Portfolio

    70

    Fund Size

    $580M

    Top Stage

    Series B

    Last 12 Mo

    3

    Team

    AA

    Arun Agarwal

    TPG Growth, TPG Technology Adjacencies

    AA

    Alex Albert

    TPG Capital, TPG Healthcare Partners

    AB

    Avi Banyasz

    TPG Real Estate Partners

    R“

    Robert “Bob” Baziuk

    TPG Real Estate Finance Trust

    CN

    Carolyn Ng

    Partner and Managing Director

    SF

    Shinichiro Fuse

    Partner

    SL

    Sonia Lombroso

    Intern

    Portfolio Breakdown

    Stage Distribution

    Sector Distribution

    Investment Activity

    DealsAvg Round Size

    Portfolio

    105 investments
    CompanyRoundAmountDate
    CHG Convene Hospitality Group logoCHG Convene Hospitality GroupGrowth$230MMar 2026
    Sling Therapeutics logoSling TherapeuticsSeries C$123MJan 2026
    Tide logoTideGrowth—Sep 2025
    Hala logoHalaSeries D$157MSep 2025
    Lyric Bio logoLyric BioSeries B$43.5MAug 2025
    OpenAI logoOpenAIGrowth$8.3BAug 2025
    Avalyn Pharma, Inc. logoAvalyn Pharma, Inc.Series D$100MJul 2025
    Enpal logoEnpalUnknown—Apr 2025
    Novotech logoNovotechUnknown—Mar 2025
    Ouro Medicines logoOuro MedicinesSeries A$120MJan 2025
    Adcendo ApS logoAdcendo ApSSeries B$135MNov 2024
    Twelve logoTwelveGrowth$645MSep 2024
    Adcendo ApS logoAdcendo ApSSeries B$135MJan 2024
    Bicara Therapeutics logoBicara TherapeuticsSeries C$165MDec 2023
    MBrace Therapeutics logoMBrace TherapeuticsSeries B$85MJan 2023
    Project44 logoProject44Growth$80MNov 2022
    Odyssey Therapeutics logoOdyssey TherapeuticsSeries B$168MOct 2022
    Sling Therapeutics logoSling TherapeuticsSeries A$35MJun 2022
    SSalsify, Inc.Series F$200MApr 2022
    Acorns logoAcornsSeries F$300MMar 2022
    BBeauty For All IndustriesUnknown—Feb 2022
    Project44 logoProject44Growth—Jan 2022
    Course Hero logoCourse HeroSeries C—Dec 2021
    Dream Sports logoDream SportsGrowth$840MNov 2021
    Seasoned logoSeasonedSeries A$18.7MNov 2021
    Page 1 of 5

    Top Co-Investors

    Novo Capital11 shared
    Wellington Management10 shared
    HealthCap10 shared
    GV8 shared
    Sequoia Capital7 shared
    Insight Partners7 shared
    OrbiMed7 shared
    Lightspeed Venture Partners6 shared
    T. Rowe Price6 shared
    Fidelity Investments6 shared
    New Enterprise Associates5 shared
    Foresite Capital5 shared
    MRL Ventures Fund5 shared
    Agent Capital5 shared
    Domain Associates5 shared
    Surveyor Capital5 shared
    AbbVie5 shared
    D1 Capital Partners4 shared
    Dragoneer Investment Group4 shared
    Tiger Global Management, LLC4 shared

    Last updated: 7 October 2026