Rock Springs Capital

Rock Springs Capital

Rock Springs Capital was founded in 2013 by Kris Jenner, MD, D.Phil., and Mark Bussard, MD, after each spent more than a decade at T. Rowe Price. Jenner ran the Health Sciences Fund from 2000 until his departure, chairing its investment advisory committee and serving on the committees for the Blue Chip Growth, New Horizons, and Global Stock funds. Bussard covered medical devices and biotech as an analyst and co-founded Rivanna Pharmaceuticals before joining Jenner at T. Rowe Price. The Baltimore-based asset manager pools their institutional public-markets heritage with a bench of professionals whose graduate training runs from the Johns Hopkins School of Medicine to the National Institutes of Health. The firm manages roughly $1.8 billion across two healthcare strategies, deploying capital into publicly traded therapeutics, medical-technology, and diagnostics companies where clinical data or regulatory catalysts are clear. The investment process is stage-agnostic in execution — the team has participated in initial public offerings, crossover rounds, and secondary-market accumulation — but the unifying filter is scientific merit rather than market-cap band. The research model leans heavily on the firm's in-house MDs and PhDs, who evaluate trial design and biologic plausibility before the portfolio managers size a position. The firm operates from Baltimore with additional offices in Menlo Park, Boston, New York, Larkspur, and Hoboken. The investment team numbers roughly a dozen professionals, nearly all holding advanced scientific, medical, or dual business-science degrees. In 2024, the firm added Matt Seidner, MD, from McKinsey's healthcare practice and a public-company board role, while regulatory and compliance infrastructure was reinforced by Aidan O'Connell, previously chief regulatory counsel at SoftBank Investment Advisers. February 2026: The firm reported approximately $1.8 billion in assets under management, with its senior team marking more than two decades of shared collaboration extending back to the T. Rowe Price Health Sciences platform. Rock Springs distinguishes itself through what it does not do: it does not chase generalist mandates, dilute its healthcare focus with non-specialist hires, or operate a multi-strategy platform. Every investment professional is a sector specialist, which creates an unusually narrow span of internal debate — the conversation is clinical merit, not cross-sector relative value. That purity of mandate, married to a public-markets base and a growing ability to engage in crossover and structured transactions, makes the firm a concentrated bet on biopharma insight rather than a diversified asset-gatherer.