# Vivo Capital

Vivo Capital is a Private Equity based in Palo Alto, United States.

## Overview

- **Organization type:** Private Equity
- **Headquarters:** Palo Alto, United States
- **Region:** North America
- **Address:** Palo Alto, CA, United States
- **Founded:** 1996
- **Assets under management:** >$1B (Altss estimate)
- **Website:** vivocapital.com
- **LinkedIn:** https://www.linkedin.com/company/vivo-capital
- **Wikidata:** Q118703933

## Regulatory record

- **CRD number:** 159868
- **SEC file number:** 801-79829
- **Registration status:** Registered
- **Reports private funds:** Yes
- **IAPD record:** https://adviserinfo.sec.gov/firm/summary/159868

## About

Vivo Capital is an SEC-registered investment adviser in Palo Alto, CA, registered since 2014. The firm manages approximately $6.1 billion in regulatory assets. It has 62 employees and 32 investment advisers.

## Sectors

- Healthcare Services
- Digital Health
- Enterprise Software

## Offices

- Beijing
- Shanghai
- Hong Kong

## People

- Frank Kung — Co-Founder
- Edgar Engleman — Co-Founder
- Fred Craves — Co-Founder

## Questions

### How does Vivo Capital allocate capital between the US and China?

Vivo operates dedicated US and China investment teams that raise capital through separate fund families but invest under a unified partnership. The US vehicle has historically focused on early-stage therapeutics and medical devices seeking global markets, while the China team targets domestic healthcare services, generic pharmaceuticals, and local device manufacturers. The firm's leadership team oversees the overall portfolio strategy, allowing for cross-border knowledge transfer.

### What investment stages does Vivo Capital typically target?

Vivo invests across the full lifecycle of healthcare companies: seed and Series A rounds for early-stage biotech platforms, growth equity for commercial-stage drug and device companies, and select buyout opportunities in healthcare services. The firm also occasionally participates in PIPEs and other structured public-market transactions, particularly during biotech market dislocations.

### Who makes investment decisions at Vivo Capital?

Investment decisions are made by the firm's partnership, which includes its co-founders Frank Kung and Edgar Engleman alongside a broader group of managing directors in the US and China. Individual deal teams lead sourcing and diligence, but final investment committee approval requires consensus among senior partners.

### Which sectors does Vivo Capital explicitly avoid?

Vivo Capital has remained exclusively focused on healthcare and life sciences throughout its history. It does not invest in consumer technology, industrials, financial services, or other sectors outside its specialized mandate. Within healthcare, the firm has historically avoided provider-side hospital operations in the US, concentrating instead on products, platforms, and services with scalable intellectual property.

### How does Vivo source proprietary healthcare deals across two distinct markets?

The firm combines academic and clinical networks — its co-founders include a Stanford immunologist — with longstanding relationships among Chinese regulators, hospital systems, and local entrepreneurs. Vivo's presence in Beijing, Shanghai, and Hong Kong gives it proximity to companies that international funds cannot easily access, while its Palo Alto base provides similar depth in Bay Area biotech.

### How is Vivo Capital related to other cross-border healthcare investment firms?

Vivo is an independent partnership with no structural affiliation to larger financial institutions. It was among the earliest specialist firms to build a dedicated US-China healthcare investment operation, predating many of the cross-border platforms that emerged in the 2010s. Some of its alumni have gone on to launch their own healthcare funds, but Vivo maintains no controlling stake in outside firms.

### What is Vivo Capital's posture on co-investments alongside external GPs?

Vivo has historically welcomed co-investment from its limited partners on larger growth-stage and buyout transactions. The firm does not run a formal co-investment club but accommodates LP-directed capital on a deal-by-deal basis, particularly in its later-stage US funds.

## Related profiles

- [Vivid Ventures](https://altss.com/profile/vivid-ventures)
- [Vivo Ventures](https://altss.com/profile/vivo-ventures)

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

Canonical page: https://altss.com/profile/vivo-capital

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