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Dementia Discovery Fund 2 (SV Health Investors)
SV Health Investors’ Dementia Discovery Fund (DDF) is the world’s largest family of specialized venture capital funds that invests exclusively in companies developing novel therapeutics for dementia—arguably the largest unmet medical need globally.
More than 50 million people live with dementia, yet no effective treatments exist. In several countries, incl. the UK, it is now the leading cause of death. The economic burden is enormous, with global costs reaching $2.8 trillion by 2030— surpassing the entire prescription drug market. This presents a powerful opportunity to deliver both meaningful patient impact and significant investor returns, as a breakthrough therapy could generate billions in annual sales.
In May 2025, amid an otherwise challenging fundraising environment, we announced the final close of our second fund, Dementia Discovery Fund 2 (DDF2), with $269 million in commitments, exceeding target. With offices in London and Boston, DDF-2 continues the original fund’s proven strategy, investing globally to drive both medical progress and financial performance.
Since its 2015 launch, DDF has raised over $550 million for this strategy and built a portfolio of more than 20 companies advancing over 50 differentiated programs, incl. 10 clinical-stage dementia drugs. To date, more than 2,000 patients have received experimental treatments from our portfolio— demonstrating real-world impact and validating our model of investing at the forefront of dementia therapeutics.
Metric Capital
Metric Capital held the final close of Fund V in April 2025, securing approximately EUR 1 billion from a global and diversified investor base.
The fundraise attracted commitments from both longstanding LPs and new relationships across the US, Europe, Asia, and the Middle East. Despite constraints faced by some existing LPs particularly the impact of the denominator effect and broader liquidity pressures. Metric's differentiated strategy resonated strongly with investors.
Fund V reinforces Metric's position as a unique platform delivering asymmetric returns in the European mid-market. The fund appealed to a broad set of institution types, with commitments from sovereign wealth funds, insurers, corporate and public pension plans, and family offices.
Metric launched and closed Fund V during a period of heightened macroeconomic and geopolitical uncertainty, yet the quality of the LP base reflects continued confidence in the firm's disciplined approach, consistent performance, and origination capabilities.
With Fund V, Metric is well positioned to continue supporting entrepreneurial management teams and navigating complex capital needs across the European landscape.
Voting Closed
To find out who won, book a table at the British Private Equity Party Awards 2025 on Tuesday, 30 September at The Brewrey, London