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Rock Springs Capital
Rock Springs Capital is an SEC-registered investment adviser in Baltimore, MD, registered since 2013. The firm manages approximately $2.4 billion in regulatory...
Rock Springs Capital
Rock Springs Capital is an SEC-registered investment adviser in Baltimore, MD, registered since 2013. The firm manages approximately $2.4 billion in regulatory assets. It has 17 employees and 8 investment advisers.
General information
Firm type
Asset Manager
Year founded
2013
AUM
~$1.8B (per the firm, February 2026)
Location
Region
North America
Country
United States
City
Baltimore
Corporate office
Baltimore, MD, United States
Additional offices
Menlo Park, CA · Boston, MA · New York, NY · Larkspur, CA · Hoboken, NJ
Principals
Kris Jenner
Co-Founder
Mark Bussard
Co-Founder
Aidan O'Connell
Chief Regulatory Counsel and Chief Compliance Officer
Sector focus
Frequently asked questions
Who runs investment decisions at Rock Springs Capital?
Co-founders Kris Jenner, MD, D.Phil., and Mark Bussard, MD, lead the investment team. Jenner previously managed T. Rowe Price’s Health Sciences Fund from 2000 to 2013, while Bussard covered medical devices and biotechnology as an analyst at the same firm. Their senior team has worked together for more than two decades, with investment decisions flowing from a collaborative, research-intensive process rather than a single star-manager model.
What is Rock Springs Capital's known posture on co-investments alongside external managers?
The firm does not publicize a formal co-investment program, but its public-markets structure and crossover-stage activity suggest it can anchor or participate alongside other specialist funds when a healthcare issuer is raising capital. The team’s scientific depth — MDs and PhDs evaluating clinical data — positions it as a credible lead or validation investor in biopharma syndicates, though terms and typical check sizes are not publicly disclosed.
Does Rock Springs Capital operate as a single-family office or a traditional asset manager?
Rock Springs Capital operates as a specialist asset manager, not a family office. It manages pooled capital for external institutional and qualified investors through two healthcare strategies. The firm’s co-founders launched it as an independent investment partnership after long careers at T. Rowe Price.
Which sectors does Rock Springs Capital specifically avoid?
Rock Springs' mandate is restricted to healthcare — therapeutics, medical technology, diagnostics, and related life-science innovation. The firm does not allocate to consumer, financials, energy, or generalist technology unless there is a direct healthcare nexus. Its team composition, hiring profiles, and published process descriptions confirm this self-imposed boundary.
How is the team structured to evaluate scientific risk?
Nearly every investment professional holds an advanced degree in medicine, biology, biomedical engineering, or a related discipline. Several team members have clinical or laboratory research backgrounds at institutions such as Johns Hopkins School of Medicine and the National Institutes of Health. The firm’s process relies on this in-house expertise to assess trial design, biologic plausibility, and regulatory pathways before portfolio managers commit capital.
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