Biotech secondaries.
Through Tachyon Entier Capital, we acquire limited partner interests in venture capital funds with portfolios concentrated in late-stage biotech companies, particularly those with Phase 3 programs, primarily in the United States.
Our approach combines scientific underwriting at the company and asset level with experience pricing and structuring fund secondary transactions.
Few secondary buyers can underwrite biotech.
The secondary market for biotech venture LP stakes is inefficient, and that inefficiency is compounded by scientific complexity most secondary buyers are not equipped to underwrite.
Pricing a diversified biotech portfolio requires more than cap table math. It requires a real view on trial design, endpoints, regulatory pathway, trial design, clinical endpoints, regulatory pathways and upcoming milestones at asset level, alongside the terms and economics of the fund interest and the fund valuation transaction structure.
Two disciplines. One team.
Tachyon Entier Capital brings together biotech investors and secondaries specialists in a team built to connect scientific insight with fund valuation and transaction execution.
Biotech investment expertise
Tachyon brings experience evaluating biological evidence, clinical programs and development risk.
Secondaries transaction experience
Entier brings experience pricing, structuring and executing transactions involving limited partner interests in venture capital funds.
Our focus.
Fund interests
Limited partner interests in funds managed by specialist biotech venture capital firms.
Late-stage clinical portfolios
Portfolios concentrated in companies with Phase 3 programs, where trial designs, development pathways and upcoming milestones provide a defined basis for diligence.
Primarily United States
A focus on US-based biotech venture funds and portfolio companies.
Integrated underwriting
Scientific diligence alongside fund valuation, portfolio analysis and transaction structuring.
Working with LPs, GPs and co-investors
We partner with LPs seeking liquidity, GPs managing portfolio construction and fund lifecycle, and co-investors who want a scientifically informed view on late-stage biotech risk.