# Dementia Discovery Fund

Dementia Discovery Fund is an Asset Manager based in London, United Kingdom.

## Overview

- **Organization type:** Asset Manager
- **Headquarters:** London, United Kingdom
- **Region:** Europe
- **Address:** London, United Kingdom
- **Founded:** 2015
- **Assets under management:** Undisclosed
- **Website:** dementia-discovery-fund.com
- **LinkedIn:** https://www.linkedin.com/company/dementia-discovery-fund

## Regulatory record

- **Reports private funds:** No

## About

The Dementia Discovery Fund is a collaboration between charity, industry, and government, based in London, United Kingdom. It has made 36 investments, including a Series A investment in Leal Therapeutics on August 26, 2025. The fund has facilitated 3 portfolio exits, with Caraway Therapeutics exiting on November 21, 2023.

## Sectors

- Digital Health
- AI/ML

## Offices

- Amsterdam, Netherlands
- Boston, MA, United States

## People

- Angus Grant — CEO
- Tetsu Maruyama — Chief Scientific Officer

## Questions

### Who runs investment decisions at the Dementia Discovery Fund?

Angus Grant serves as CEO and leads the investment team, supported by Chief Scientific Officer Tetsu Maruyama. Grant joined in 2021 from a career spanning executive R&D roles at Roche and Celgene. The fund's Investment Committee draws on scientific advisory input from the neuroscience divisions of its pharmaceutical limited partners.

### Does the firm participate in fund commitments or only direct deals?

The Dementia Discovery Fund makes direct equity investments in early-stage biotech and neuroscience companies. It does not operate as a fund-of-funds. Its capital is deployed as lead or co-lead in seed and Series A rounds, with reserves for follow-on investments as programs advance toward clinical proof-of-concept.

### How is the Dementia Discovery Fund related to its pharmaceutical limited partners?

The seven pharma LPs — Biogen, Eli Lilly, GSK, Johnson & Johnson, Pfizer, Takeda, and Lundbeck — are passive investors in the fund. They do not control investment decisions, but they provide scientific advisory support and represent potential acquirers or licensing partners for portfolio companies. This creates an information advantage without constraining the fund's independent fiduciary duty.

### Which sectors does the Dementia Discovery Fund explicitly avoid?

The fund does not invest outside neurodegenerative disease. It explicitly excludes general CNS indications, oncology, cardiovascular, and platform technologies not directly tied to a dementia therapeutic hypothesis. Within dementia, it avoids pure symptomatic treatments without a disease-modifying mechanism.

### What is the fund's known posture on co-investments alongside external GPs?

The Dementia Discovery Fund does co-invest alongside generalist life-science VCs and corporate venture arms. Portfolio company Cerevance, for example, has raised from GV, F-Prime Capital, and the Dementia Discovery Fund in syndicated rounds. The fund's co-investment terms are standard venture-market practice, without preferential rights reserved for its pharma LPs.

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Last updated: 2026-06-03T20:00:00.000Z

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