TCGX Closes Oversubscribed $1.3 Billion Fund III, Strengthening Its Position in Global Biopharma Investment
TCG Crossover (“TCGX”), a leading global investment firm focused on the biotechnology and life sciences sector, announced the successful close of its third fund—TCGX Fund III—with an impressive $1.3 billion in capital commitments. The fund was oversubscribed, surpassing its original target, and drew strong participation from both existing and new investors, including institutional investors, foundations, pensions, and endowments.
The closing of Fund III marks a significant milestone for TCGX, bringing its total capital raised since inception in 2021 to over $3.1 billion. The achievement underscores the firm’s growing reputation in the healthcare investment space and reflects strong global investor confidence in its unique, crossover strategy that spans both private and public markets.
A Testament to Investor Confidence
The oversubscription of Fund III comes at a time when global biotech and life sciences sectors are navigating complex market dynamics—balancing scientific breakthroughs with challenging funding conditions. Despite a volatile investment environment, TCGX has consistently demonstrated an ability to identify, support, and scale high-potential biopharmaceutical companies working on transformative treatments.
Dr. Chen Yu, Founder and Managing Partner of TCGX, emphasized the importance of the fund’s success as a validation of the firm’s strategy and mission.
“Exceeding our target for Fund III highlights the deep trust and conviction our investors have placed in our team and approach,” said Dr. Yu. “We remain steadfast in our mission to back visionary entrepreneurs and companies advancing disruptive medicines to improve patient outcomes.”
Dr. Yu’s statement reinforces the firm’s long-term commitment to fostering innovation in healthcare—an ethos that has become central to its investment philosophy since TCGX’s launch.
Driving the Next Wave of Biotech Innovation
With Fund III, TCGX plans to continue investing across both private and public biopharma companies, leveraging its flexible mandate to adapt to shifting market conditions. The firm’s crossover strategy enables it to bridge the gap between venture investing in early-stage biotech startups and growth investing in publicly traded life sciences firms.
Managing Partner Cariad Chester highlighted the importance of this approach:
We are grateful to our investors for their support and appreciate the hard work from our portfolio company operators to enable this accomplishment. With Fund III, we look forward to investing in the next generation of biotechs developing transformative therapies for patients.”
TCGX’s cross-stage model allows it to participate throughout a company’s lifecycle—from early innovation to commercialization—providing not only capital but also strategic guidance and operational expertise. This holistic approach has made TCGX a partner of choice for emerging biotech companies seeking to advance cutting-edge therapeutics.
Building on a Strong Foundation
Since its founding in 2021, TCGX has established a track record of identifying promising scientific breakthroughs and supporting companies at critical inflection points. Its prior funds—Fund I and Fund II—helped fuel the growth of several biotech leaders developing therapies in oncology, immunology, neurology, and rare diseases.
With Fund III, TCGX intends to deepen its focus on disease-modifying treatments and technologies that have the potential to transform clinical practice. The firm’s global reach, combined with its ability to invest across private and public markets, enables it to remain agile and opportunistic in a rapidly evolving sector.
The success of Fund III also reflects the strength of TCGX’s investor base, which includes a diverse range of limited partners—from institutional investors and endowments to family offices and sovereign wealth funds—many of whom have supported the firm across multiple fund cycles.
Strengthening Leadership and Organizational Growth
In conjunction with the Fund III close, TCGX announced a key leadership promotion that further underscores its commitment to internal growth and talent development. Giuliano Marostica has been promoted to Managing Partner, recognizing his instrumental role in shaping the firm’s strategy and supporting portfolio success.
Dr. Yu praised Marostica’s contributions to the firm’s evolution:
“Giuliano was the first team member to join me at TCGX, and he has played an integral role in building the firm and bringing tremendous value to our portfolio companies.”
This promotion reflects TCGX’s belief in cultivating leadership from within—a principle that has helped the firm maintain a cohesive, high-performing team culture while scaling its operations and portfolio.
CFO and COO Craig Skaling also emphasized the importance of the firm’s collaborative structure and shared purpose:
“We are fortunate to have built a world-class team at TCGX. Their commitment and talent drive our ability to scale effectively and partner with companies advancing innovative science.”
A Flexible Mandate for a Changing Market
TCGX’s flexible investment mandate allows it to participate across the full spectrum of biotech financing—from seed and venture rounds to crossover and public market transactions. This adaptability has proven especially valuable during market cycles when traditional capital sources tighten.
By operating across both private and public spheres, TCGX can capitalize on inefficiencies and valuation dislocations, providing stability and continuity to portfolio companies navigating complex market conditions. This dual capability also enhances the firm’s ability to deliver long-term returns to investors while maintaining a consistent focus on impactful science.
The firm’s investment philosophy centers around four key principles:
- Scientific Rigor: A deep, data-driven approach to evaluating therapeutic potential and competitive positioning.
- Strategic Flexibility: The ability to invest across stages and structures, enabling responsive capital deployment.
- Operational Partnership: Active collaboration with portfolio companies to support strategic, clinical, and commercial milestones.
- Patient-Centric Focus: A long-term vision anchored in improving health outcomes through meaningful medical innovation.
These principles have guided TCGX’s growth and continue to attract global investors seeking exposure to the transformative potential of biotechnology.
Sustaining Momentum into the Future
The close of Fund III positions TCGX to play an even more influential role in shaping the future of biotech innovation. With more than $3.1 billion in total capital raised in just four years, the firm has rapidly established itself as one of the most dynamic players in the crossover investment landscape.
TCGX’s leadership believes that continued scientific advances—particularly in areas such as cell and gene therapy, RNA therapeutics, precision oncology, and autoimmune disease—will drive the next era of breakthroughs. Through Fund III, the firm intends to identify and support these opportunities early, helping promising technologies translate from the lab to the clinic and ultimately to patients.
As the global healthcare ecosystem continues to evolve, TCGX’s combination of scientific insight, financial discipline, and partnership-driven execution provides a strong foundation for sustained growth. The oversubscribed close of Fund III not only demonstrates investor confidence but also reinforces TCGX’s reputation as a trusted partner to innovators and institutions alike.
A Vision for Long-Term Impact
At its core, TCGX’s mission transcends financial performance—it seeks to catalyze advancements in medicine that can meaningfully change lives. The firm’s success to date illustrates how strategic capital, when paired with deep industry expertise and a patient-first mindset, can accelerate the delivery of breakthrough therapies to those in need.
As Dr. Yu reflected on the firm’s journey and outlook, his message was one of gratitude and purpose:
We are inspired by the science, the entrepreneurs, and the patients driving this industry forward. Fund III gives us the resources to continue backing the bold ideas and transformative innovations that define the next chapter of biomedicine.”
