2025-06-08-PitchBook-生物技术风险投资基金的演变（英）_22页_1mb

Introduction
The report analyzes the evolution of the biotech venture capital (VC) ecosystem from 2012 to 2025, highlighting a dramatic boom-bust cycle, shifts in investor types, regional dominance, and performance trends.

Capital Flows and Market Cycles
Biotech VC capital surged from $12.1 billion in 2012 to a peak of $152.3 billion in 2018, before correcting to $12 billion in 2024, completing a full market cycle with three phases: steady ascent (2012-2017), explosive expansion (2018-2021), and market rationalization (2022-2024). Key drivers included rising cost of capital, post-pandemic adjustments, exit market constraints, and sector reallocation.

Investor Dynamics (Specialist vs Generalist)
Historically, specialist biotech investors held a minority share, but generalists dominated during the peak years (92% in 2018). By 2024, specialists regained leadership with 72% of biotech VC capital, raising $8.6 billion versus 28% from generalists. The broader VC landscape saw biotech funds' share of total funds decrease from 10% in 2012 to 3% in 2024.

Regional Analysis
North America dominated biotech VC fundraising in 2024, accounting for 80.5% of global capital ($9.6 billion). Europe and Asia had smaller but growing shares (14.2% and 5.3% respectively), while other regions saw limited activity. Established innovation hubs like Boston, San Francisco Bay Area, and Basel remain central to the ecosystem.

Fund Size and Investment Strategies
Fund sizes increased significantly, with capital concentrated in larger funds (e.g., $500 million to $1 billion category growing in 2024). Strategies emphasize specialization, technological convergence (e.g., AI in biotech), and support for long-term development, driven by therapeutic complexity and capital-intensive modalities.

Performance Analysis
Biotech VC funds outperformed non-biotech funds from 2021-2023 (11.9% IRR vs 0.3% IRR), reversing earlier trends. Specialist funds consistently delivered strong returns, aided by deep sector expertise and strategic exits through biotech consolidation and big Pharma partnerships.

Outlook
The market recalibration establishes a sustainable foundation for future growth, with LP selectivity driving investments in high-quality opportunities. Emerging trends include next-generation therapeutics, geographic expansion, and the integration of deep expertise and AI, positioning biotech to navigate extended timelines and market resets.