# Adjuvant Capital

Adjuvant Capital is a Private Equity based in New York, United States.

## Overview

- **Organization type:** Private Equity
- **Headquarters:** New York, United States
- **Region:** North America
- **Address:** New York, NY, United States
- **Founded:** 2019
- **Assets under management:** $300M - $500M (Altss estimate)
- **Website:** adjuvantcapital.com
- **LinkedIn:** https://www.linkedin.com/company/adjuvant-capital

## Regulatory record

- **CRD number:** 301716
- **SEC file number:** 802-129182
- **Registration status:** Registered
- **Reports private funds:** Yes
- **IAPD record:** https://adviserinfo.sec.gov/firm/summary/301716

## About

Adjuvant is a new type of venture capital firm that finances the most promising life science technologies for high-burden public health challenges. Its mission is to use venture capital strategies to deploy capital in promising public health technologies and ensure they are made accessible to those who need them most. It invests in innovative technologies addressing high-burden and neglected infectious diseases, maternal and child health, nutrition, and reproductive and sexual health, seeking social and financial returns.

## Sectors

- Healthcare Services
- Digital Health
- AI/ML

## People

- Kabeer Aziz — Co-Founder & Managing Partner
- Glenn Rockman — Co-Founder & Managing Partner
- Charlie Petty — Co-Founder & Partner

## Questions

### Who runs investment decisions at 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.

### How is Adjuvant Capital related to the Bill & Melinda Gates Foundation?

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.

### Does Adjuvant Capital structure its investments as equity or debt?

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.

### Which geographies does Adjuvant Capital focus on?

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.

### How does Adjuvant Capital measure impact alongside financial returns?

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.

## Related profiles

- [Adjacent Ventures](https://altss.com/profile/adjacent-ventures)
- [Adjuvo](https://altss.com/profile/adjuvo)

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Last updated: 2026-08-11T15:05:57.154Z

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