Cowen Investment Management

The firm's primary strategy is healthcare royalties. It provides structured, non-dilutive capital to biopharmaceutical and medical device companies in exchange for a percentage of future product revenues. This approach allows Cowen to participate in commercial upside while avoiding the binary clinical-trial risk that defines traditional biotech equity investing.

The division sources deals through Cowen Inc.'s investment banking and research infrastructure. With large healthcare, technology, and digital asset advisory practices, the parent firm generates proprietary transaction flow that the investment management team can access before external managers see those opportunities.

TD Bank completed its $1.3 billion acquisition of Cowen Inc. in February 2023. The investment management division is expected to retain its operational autonomy post-acquisition. The new parent provides stronger balance sheet support, potentially allowing the division to underwrite larger commitments or hold positions for longer periods.

The division targets life sciences and healthcare through its healthcare royalties strategy. It also maintains dedicated strategies in digital assets — investing across the blockchain ecosystem — and sustainability, where it targets companies advancing environmental objectives. The firm does not operate a generalist private equity or credit strategy.

The digital assets strategy invests across the blockchain ecosystem, including direct token positions and equity stakes in blockchain infrastructure companies. The approach leverages Cowen's investment banking relationships with digital asset companies, including those it advises on capital raises and public listings.