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This article is adapted from the 2023 edition of STAT’s annual report, “Ranking biotech’s top venture capital firms.”

Venture capital firms are notoriously guarded about the kind of financial returns they get back from an individual deal, let alone how well their entire fund is performing. But information about which firms’ portfolios have shown the best performance is crucial for investors, biotech companies and analysts, especially in a year of economic downturn.

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In the fourth annual edition of STAT’s “Ranking biotech’s top venture capital firms,” released this week, we dig deep to show not only which firms’ portfolios of past investments have best weathered the economic storm but how the disturbance is affecting the new investments they’re making or the new funds they are raising. 

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