Adjuvant Capital

Co-founders Glenn Rockman and Kabeer Aziz serve as Managing Partners and lead the firm's investment committee. Charlie Petty, the third co-founder, serves as Partner and is closely involved in deal origination and portfolio management. The three worked together previously at the Global Health Investment Fund, where they developed the thesis that underfunded global health markets can generate venture-scale returns.

Adjuvant Capital is independent. Its three co-founders previously managed the Global Health Investment Fund, a vehicle that received catalytic support from the Gates Foundation and J.P. Morgan. Adjuvant spun out in 2019 to operate as a standalone private equity firm, and while the Gates Foundation has not been disclosed as a limited partner in the new fund, the firm retains philanthropic-aligned institutional backing from foundations and development finance institutions.

Adjuvant primarily makes direct equity investments in life sciences and health infrastructure companies, targeting board seats and active portfolio management. It also employs royalty-based and structured-finance arrangements when the underlying business model involves physical product distribution or manufacturing scale-up. The firm has not publicly reported making fund commitments as a limited partner in other venture funds.

The firm invests globally with a mandate that spans product development in North America and Europe, manufacturing and clinical infrastructure in India through its Serum Institute relationship, and product delivery networks across sub-Saharan Africa, South Asia, and Latin America. Its portfolio companies and pipeline assets are selected for their potential to serve populations in low- and middle-income countries.

Adjuvant structures product-access and affordability covenants directly into its investment agreements — a departure from parallel impact reporting that sits outside the deal. The firm reports to a limited partner base that includes development finance institutions and foundations, which require both market-rate return targets and quantified health outcome milestones tied to specific portfolio company programs.