Ysios Capital Partners

The firm is led by a partnership of ten named principals including Joël Jean-Mairet, Julia Salaverría, Cristina Garmendia and Guillem Laporta (per the firm's team page, 2026). Investment decisions draw on a combination of scientific, financial and entrepreneurial expertise from this international group. The partnership structure suggests consensus-driven committee decisions rather than a single-operator model, though the firm does not publicly disclose its investment committee mechanics.

Ysios combines direct academic-institution relationships with a physical presence across two European offices — San Sebastián and Barcelona — to access early-stage therapeutic science. The firm's portfolio includes spin-outs from the Muir Lab at Princeton University (SpliceBio) and Leiden University Medical Center (VarmX), indicating it works directly with research institutions rather than relying on auction processes. Its 'InceptionBio' vehicle, launched in 2026, is explicitly designed for company creation, moving it even further upstream into IP origination.

Ysios Capital Partners is an institutional asset manager operating as a venture capital firm, not a family office. It manages pooled third-party capital across multiple fund vehicles — currently deploying from Ysios BioFund III and the InceptionBio company-creation fund — and files as a regulated investment manager in Spain. The partnership structure and external capital base distinguish it from single-family investment offices.

Ysios invests directly into private biotech companies and does not operate as a fund-of-funds allocator. Its disclosures show equity positions in portfolio companies at the board level, with a consistent pattern of direct lead or co-lead investments. The firm has not disclosed any LP commitments to other venture funds; its model is direct therapeutic company-building.

Ysios invests from seed through pre-IPO, with a concentration on early-stage and expansion-stage private biotech companies (per Altss research record, 2026). The firm's strategy includes spin-off vehicles and company creation via the InceptionBio fund, covering the earliest phases of therapeutic development. It maintains positions through later rounds, as evidenced by retained stakes in portfolio companies that subsequently listed on NASDAQ, including Aura Biosciences and Mineralys Therapeutics.

The firm focuses exclusively on novel therapeutics for indications with high unmet medical need, spanning oncology (Adcendo, LAVA Therapeutics), CNS disorders (Synendos, Minoryx), cardiovascular conditions (CorWave, Mineralys Therapeutics), ophthalmology (SparingVision), metabolic disease (NorthSea Therapeutics) and reproductive medicine (ReproNovo). This therapeutic breadth within a single asset-class constraint — only drug and biologic developers — means Ysios operates as a sector-specialist rather than a platform generalist.

Ysios does not publicly disclose the identity of its limited partners, so the underlying wealth source is not publicly known. The firm's investor base likely includes European institutional allocators, development banks and family offices, given its Spanish regulatory domicile and life-sciences mandate — but no specific LP names have been confirmed in public filings or the firm's own materials.