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PFM Health Sciences
PFM Health Sciences is an SEC-registered investment adviser in San Francisco, CA, registered since 2008. The firm manages approximately $1.3 billion in assets.
PFM Health Sciences
PFM Health Sciences is an SEC-registered investment adviser in San Francisco, CA, registered since 2008. The firm manages approximately $1.3 billion in assets. It has 17 employees and 7 investment advisers.
General information
Firm type
Generalist
Year founded
2004
AUM
Approximately $2 billion (per firm website, 2024)
Location
Region
North America
Country
United States
City
San Francisco
Corporate office
50 California Street, Suite 2650, San Francisco, CA 94111, United States
Principals
Brian Grossman
Founding Partner & Chief Investment Officer
Sector focus
Frequently asked questions
Who runs investment decisions at PFM Health Sciences?
Brian Grossman, the Founding Partner and Chief Investment Officer, has sole discretion over the portfolio. He originally co-managed a diversified strategy when PFM was founded in 2004 but has been the sole healthcare portfolio manager since inception and took full control of the firm upon its 2020 rebranding.
Does PFM Health Sciences invest only in public markets, or does it also invest in private companies?
The firm invests across the capital structure, directly in both public and private companies. Its strategy spans early-stage seed and start-up venture, growth equity, and opportunistic public-to-private or private-to-public transactions, all exclusively within healthcare.
How is PFM Health Sciences related to Partner Fund Management?
PFM Health Sciences began in 2004 as the healthcare strategy within Partner Fund Management, with Brian Grossman as co-portfolio manager for the broader fund and sole PM for healthcare. In 2020, Grossman became the sole managing partner and the firm was renamed to focus exclusively on healthcare investments.
Which healthcare sub-sectors does the firm target?
The firm explicitly targets biopharma, medical technology, life sciences, and healthcare services. The team's subsector specialization is reflected in recent hires like Darwin Li, who focuses on pharmaceuticals, and Lee Hathaway, who brings deep expertise in medtech and healthcare services.
What investment stages does PFM Health Sciences typically target?
PFM Health Sciences is stage-agnostic. It invests from seed and start-up through growth in private markets, and takes both long and opportunistic event-driven positions in public equities — including public-to-private conversions — all within the healthcare sector.
What is PFM Health Sciences' known posture on co-investments alongside external GPs?
The firm operates as a direct investor and does not publicly market a fund-of-funds or co-investment program alongside external GPs. Its strategy is built on proprietary, fundamental research rather than club-deal syndication.
Does PFM Health Sciences maintain philanthropic structures, and how are they separated?
The firm does not disclose a separate philanthropic vehicle. Brian Grossman's governance role as co-chair of the UCSF Health Executive Council is a personal advisory position and not a firm-managed philanthropic mandate.
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