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PBM Capital
PBM Capital was established in 2010 by Paul Manning following the sale of PBM Products. The firm manages family wealth generated from that transaction.
PBM Capital
PBM Capital was established in 2010 by Paul Manning following the sale of PBM Products. The firm manages family wealth generated from that transaction. It operates as a single-family office with a dedicated focus on healthcare investments. The firm targets pharmaceutical and life-sciences opportunities through buyout, growth equity, venture and turnaround strategies. Confirmed positions include AveXis, acquired by Novartis after its 2016 IPO, plus Dova Pharmaceuticals and Verrica Pharmaceuticals, both of which completed IPOs after 2016. Investments concentrate in the United States with offices supporting activity in Virginia and New York. Capital is deployed directly into platform companies rather than through broad fund commitments. The team remains small and emphasizes functional expertise across legal, regulatory, clinical, manufacturing and capital markets. Additional offices operate in New York. Philanthropic activity centers on the Manning Family Foundation and long-standing ties to the University of Virginia. January 2026: Paul Manning resigned from the University of Virginia Board of Visitors. The structure reflects an operator-led model in which the founder applies experience from building and exiting an operating business. This produces a preference for direct involvement with portfolio companies over passive allocations.
General information
Firm type
Single Family Office
Year founded
2010
Location
Region
North America
Country
United States
City
Charlottesville
Corporate office
Charlottesville, VA, United States
Additional offices
New York, NY, United States
Principals
Paul B. Manning
Chairman and CEO
Sean Stalfort
President
Jayson Rieger
Managing Partner
Dave Zawitz
General Counsel
Joe Pedersen
Partner
Steven Goldman
Managing Partner
Sector focus
Frequently asked questions
Who runs investment decisions at PBM Capital?
Paul B. Manning serves as Chairman and CEO. Sean Stalfort holds the role of President. Jayson Rieger acts as Managing Partner.
How does PBM Capital source proprietary deal flow?
The firm draws on the founder’s operating background and relationships within the pharmaceutical and life-sciences sectors. Direct outreach to scientists and entrepreneurs forms the primary channel.
Is PBM Capital structured as a single family office or does it operate more like a venture firm?
It functions as a single-family office. Capital originates solely from the Manning family and is deployed on a discretionary basis without external limited partners.
Does PBM Capital participate in fund commitments or only direct deals?
Activity centers on direct investments and platform operating companies. No external fund commitments are disclosed.
What investment stages does PBM Capital typically target?
The firm pursues growth-stage and later opportunities in pharmaceuticals and biologics. Earlier venture exposure occurs when companies align with the core thesis.
Where does the underlying wealth come from?
Wealth stems from the 2010 sale of PBM Products, a private-label infant-formula manufacturer, to Perrigo for over $800 million.
Does PBM Capital maintain philanthropic structures, and how are they separated?
The Manning Family Foundation handles philanthropic activity. It remains distinct from the investment operations of PBM Capital.
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