Fund of the week: Jeito Capital
Fund Snapshot
| Firm | Jeito Capital |
| Fund I | Jeito I, €534M ($630M), final close September 2021 |
| Fund II | Jeito II, >€1B ($1.2B), final close March 31, 2026 |
| Total AUM | €1.6B (~$1.9B) |
| Target Portfolio | Fund I: 12--15 companies (actual: ~22); Fund II: 15--20 companies |
| Max Single Commitment | Up to €150M (Fund II) |
| Headquarters | Paris, France (US and European presence) |
| Team | 30+ people, 9 partners, 9 principals |
| Founder & CEO | Dr Rafaèle Tordjman, MD PhD |
| Exits | 3 acquisitions, up to $5.1B aggregate headline value |
| Status | Fund I substantially invested; Fund II closed April 8, 2026 |
Overview
Jeito Capital is not a conventional European biotech fund. Founded in Paris in 2018 and launched publicly in January 2020 by Dr Rafaèle Tordjman, MD PhD, Jeito was built around a conviction that European biopharma suffers not from a lack of scientific talent, but from a chronic shortage of patient, high-conviction capital willing to back companies across every stage of development, from translational science to commercial launch.
With €1.6 billion in total assets under management across two funds, the firm has established itself as the largest fully independent European fund dedicated to life sciences. Jeito I, which closed at €534 million ($630 million) in September 2021, deployed capital into more than 22 companies across oncology, immunology, neurology, ophthalmology, rare diseases, and reproductive medicine, and returned capital through three acquisitions totalling up to $5.1 billion in aggregate headline value. Jeito II, which closed at above €1 billion ($1.2 billion) on March 31, 2026, represents the largest raise ever achieved by a fully independent European fund dedicated to biopharma, and has already begun deploying capital into new portfolio companies.
Investment Thesis
Jeito's thesis rests on what it calls "continuous financing," the idea that a single trusted investor, deeply integrated with management, provides capital in successive rounds rather than syndicating early and losing influence. The firm targets clinical-stage and late preclinical European biopharmas with the potential to become global market leaders in their therapeutic area, with a particular focus on high unmet need.
Sectors of focus include oncology (ADCs, immuno-oncology, radiopharmaceuticals), immunology and autoimmune disease, neurology and rare neuro-metabolic disorders, ophthalmology, cardiovascular gene therapy, obesity and metabolic disease, and reproductive medicine.
Geographically, Jeito invests primarily in European companies, France, Switzerland, Belgium, the UK, Germany, Denmark, the Netherlands, while increasingly co-investing in US biotechs with European development operations, reflecting Tordjman's stated ambition to build "market leaders with global reach." With Jeito II, the firm can now invest up to €150 million in a single portfolio company, a scale that sets it apart from most European early-stage funds and enables it to lead rounds that would otherwise require US co-investors.
From €200 Million First Close to Europe's Largest Biotech Fund
Rafaèle Tordjman formally incorporated Jeito Capital in 2018, following her departure from Sofinnova Partners, where she had risen from analyst to co-leader and Managing Partner overseeing €1.5 billion in assets across seventeen years. The company was approved by France's financial regulator, the Autorité des Marchés Financiers (AMF), as a portfolio management company at the end of 2019.
The public launch in January 2020 came with the announcement of a first close at €200 million, backed by a group of French institutional investors: Aviva, AXA, BPI France, BNP Paribas Fortis, the Caisse des Dépôts et des Consignations (CDC), CNP Assurances, Pro BTP, and several family offices.
In late 2020, Sanofi made its first-ever investment into a private French-based fund, committing €50 million to Jeito I, a signal that resonated widely given Sanofi's dominant position in the French pharma ecosystem.
The final close in September 2021 brought the fund to €534 million ($630 million), exceeding its original €500 million target, and attracted a significantly more international LP base. New investors included the European Investment Fund (EIF), the US pension fund Teacher Retirement System of Texas (TRS), marking TRS's first-ever investment into a European biotech-dedicated fund, and Temasek, Singapore's state investment firm with deep life sciences experience.
Jeito II: Tripling AUM in Five Years
On April 8, 2026, Jeito announced the final closing of Jeito II at above €1 billion ($1.2 billion), exceeding its fundraising target. The fund had reached its final close on March 31, 2026. This brought total AUM to €1.6 billion, tripling the firm's capital base in five years.
The LP base for Jeito II expanded significantly beyond the Fund I roster, drawing investors from across Europe, North America, and Asia, including sovereign and public funds, pharmaceutical and corporate investors, insurance companies, pension funds, family offices, foundations, endowments, and banks. Jeito described strong re-up commitment from existing LPs alongside substantial new investor momentum.
The strategic rationale for the larger fund rests on the approaching pharmaceutical patent cliff, with potential loss of exclusivity across several blockbuster drugs expected to drive up to $400 billion in pharmaceutical revenue decline by 2033, and the reality that more than 70% of innovative new drugs now originate from smaller biopharma companies. Jeito II is positioned to capitalise on the resulting acceleration in pharma M&A and external innovation sourcing.
Fundraising Timeline
| Date | Milestone | Amount |
|---|---|---|
| 2018 | Incorporation | -- |
| January 2020 | First close (Fund I) | €200M |
| Late 2020 | Sanofi commitment (Fund I) | €50M |
| September 2021 | Final close (Fund I) | €534M ($630M) |
| March 31, 2026 | Final close (Fund II) | >€1B ($1.2B) |
| April 8, 2026 | Fund II announced | Total AUM: €1.6B |
Strategic Differentiators
Several features distinguish Jeito from the broader European life sciences venture landscape.
Continuous Financing Model. Jeito's defining characteristic is its commitment to supporting portfolio companies across multiple rounds rather than making a single early bet and diluting into the background. The firm has demonstrated this consistently, most strikingly at Alentis Therapeutics, where Jeito co-led the Series B (June 2021), Series C (April 2023), and Series D (November 2024), maintaining conviction through three successive rounds totalling over €315 million. This model aligns the fund's incentives with long-term company building rather than early paper markups, and gives portfolio CEOs a dependable lead investor who remains engaged as programmes advance.
Integrated Multi-Disciplinary Team. Unlike funds that staff investment professionals with purely financial backgrounds, Jeito has built a team of 30+ experts spanning clinical development, regulatory affairs, patent strategy, commercial strategy, market access, manufacturing, and drug development. This structure mirrors the functions required to build a pharmaceutical company, enabling Jeito's partners and principals to engage credibly with portfolio teams on decisions spanning Phase 2 trial design, FDA interactions, and commercial preparation.
Scale for European Venture. Jeito's willingness to invest up to €150 million in a single company under Fund II is exceptional for a European independent fund. This gives it the ability to lead financing rounds that would otherwise require US crossover participation, keeping European companies capitalised without premature pressure toward US listings or acquisitions driven by investor geography rather than strategic logic.
Transatlantic Bridge. While rooted in Paris, Jeito maintains a US presence and has increasingly invested in companies with US-European structures, including HI-Bio (San Francisco/Europe), Odyssey Therapeutics (Boston), Callio Therapeutics, Alveus Therapeutics, and Aviceda Therapeutics (Massachusetts). This positioning allows Jeito to serve as a European lead alongside US crossover funds in rounds where European market expertise and regulatory knowledge add distinct value.
Portfolio
Jeito has built a portfolio of approximately 22 companies from Fund I, with Fund II already deploying into new investments. The portfolio is characterised by therapeutic focus, stage concentration in Phase 1 through Phase 3, and geographic diversity across Europe and the US.
Active Portfolio: Oncology
| Company | Focus | Country | Stage | Key Details |
|---|---|---|---|---|
| Alentis Therapeutics | CLDN1+ tumours / organ fibrosis | Switzerland / France | Phase 1/2 | €315M+ raised across Series B/C/D; Jeito co-led all three; ALE.P02 ADC in Phase 1/2 for squamous cancers (FDA Fast Track); lixudebart positive Phase 2 fibrosis data (Jan 2025) |
| Adcendo | First-in-class clinical ADCs | Denmark / US | Phase 1 | $75M Series C (April 2026); Jeito led; first Jeito II-funded investment announced; Tissue Factor ADC (ADCE-T02), uPARAP ADC (ADCE-D01, FDA Fast Track for STS), ADCE-B05 in squamous tumours; Pavletic joined board |
| Precirix | Radiopharmaceuticals | Belgium | Phase 1 | Precision radiopharmaceuticals in solid tumours |
| CDR-Life | Immuno-oncology | Switzerland | Preclinical / Phase 1 | Tumour-specific immunotherapy using novel antibody formats |
| CatalYm | GDF-15 antibody | Germany | Phase 2 | Visugromab (anti-GDF-15 mAb) in combination immunotherapy |
| Callio Therapeutics | Multi-payload ADCs | US / Singapore | Phase 1/2 | $187M Series A (March 2025); HER2-targeted dual-payload ADC |
Active Portfolio: Immunology & Autoimmune Disease
| Company | Focus | Country | Stage | Key Details |
|---|---|---|---|---|
| Odyssey Therapeutics | Autoimmune / inflammatory | US | Phase 1/2 | Jeito participated in $213M Series D (September 2025); small-molecule programs in IBD and beyond |
| Quell Therapeutics | T-regulatory cell therapy | UK | Phase 1 | Lead in Treg cell engineering for immune tolerance |
Active Portfolio: Neurology & Rare Diseases
| Company | Focus | Country | Stage | Key Details |
|---|---|---|---|---|
| Azafaros | Rare neuro-metabolic diseases | Netherlands | Phase 3 | Jeito led €132M Series B (May 2025); nizubaglustat in two Phase 3 pivotal trials initiated Q3 2025; WORLDSymposium 2026 data; preclinical publication Feb 2026 |
| Augustine Therapeutics | Neuromuscular / neurodegeneration | Belgium | Phase 1/2 | Jeito co-led €78M Series A with Novo Holdings (March 2025); HDAC6 inhibitor AGT-100216 for CMT disease |
| Noema Pharma | CNS (neuronal network disorders) | Switzerland | Phase 2 | Four mid-clinical programmes in-licensed from Roche; Jeito follow-on in 2025 |
Active Portfolio: Ophthalmology
| Company | Focus | Country | Stage | Key Details |
|---|---|---|---|---|
| Aviceda Therapeutics | Geographic atrophy | US | Phase 2b / Phase 3 prep | Jeito sole European fund in $199.6M Series C; Phase 2b SIGLEC topline data Dec 2025 (31% lesion growth reduction, +0.6 letter VA); two Phase 3 trials planned 2026 |
| SparingVision | Genomic ophthalmology | France | Clinical | Series A/B investor; gene therapy platform for retinal degeneration |
Active Portfolio: Cardiovascular, Metabolic & Reproductive Health
| Company | Focus | Country | Stage | Key Details |
|---|---|---|---|---|
| Alveus Therapeutics | Obesity / metabolic disease | US / Denmark | Phase 2 | Jeito cornerstone investor in $197M Series A second close (Feb 2026); ALV-100 (next-gen oral GLP-1); Pavletic joined board |
| ReproNovo | Reproductive medicine / women's health | Switzerland | Phase 2 | Jeito led $65M Series A (May 2025); leflutrozole for male infertility |
| XyloCor Therapeutics | Cardiovascular gene therapy | US | Phase 2 | Jeito led $67.5M Series B (January 2025); XC001 in Phase 2b for refractory angina |
| Corteria Pharmaceuticals | Heart failure | Europe | Late preclinical | First-in-class therapies for underserved HF subpopulations |
Active Portfolio: Respiratory
| Company | Focus | Country | Stage | Key Details |
|---|---|---|---|---|
| Pulmocide | Severe respiratory fungal infections | UK | Phase 2 | Jeito follow-on September 2025 |
Exits and Acquisitions
| Company | Acquirer | Headline Value | Upfront Payment | Close Date |
|---|---|---|---|---|
| Neogene Therapeutics | AstraZeneca | Up to $320M | ~$200M | January 2023 |
| HI-Bio | Biogen | Up to $1.8B | $1.15B | July 2024 |
| EyeBio | Merck & Co | Up to $3.0B | $1.3B | July 2024 |
| Total | Up to $5.1B |
Three exits, three acquisitions by major pharma, aggregate headline value of up to $5.1 billion, all within the first fund. Two of the three closed in the same month, July 2024, a concentration of exit activity unusual for a fund of Jeito's vintage and scale. The Jeito II press release confirmed upfront payments of $1.3 billion for EyeBio and $1.15 billion for HI-Bio, with an average holding period of 24 months across the two transactions.
Portfolio Analysis
Jeito's portfolio clusters into five distinct scientific themes, each reflecting deliberate positioning rather than opportunistic deal flow.
Oncology anchors the portfolio. Alentis Therapeutics, the anti-Claudin-1 company, represents Jeito's deepest single commitment from Fund I, three co-led rounds over four years in a company targeting a previously unexploited oncology target. In January 2025, Alentis reported positive topline results from two clinical trials of lixudebart (ALE.F02) in organ fibrosis, showing dose-dependent target engagement and preliminary evidence of improvement in organ function across ANCA-associated vasculitis (kidney) and liver fibrosis. The ADC programme ALE.P02, which received FDA Fast Track designation in November 2024, is now in a Phase 1/2 clinical trial in CLDN1+ squamous solid tumours.
The addition of Adcendo in April 2026, the first publicly announced investment from Jeito II, extends the oncology thesis further into ADCs. Adcendo's pipeline includes three clinical-stage programmes: ADCE-T02 targeting Tissue Factor in head and neck squamous cell carcinoma, pancreatic ductal adenocarcinoma, colorectal cancer and NSCLC; ADCE-D01 targeting uPARAP in soft tissue sarcoma (FDA Fast Track designated); and ADCE-B05 targeting an undisclosed antigen in squamous cell carcinomas. The $75 million oversubscribed Series C was led by Jeito, with Ksenija Pavletic joining the board, and drew participation from Vida Ventures, BPI France, EIFO, and all existing investors including TCGX, RA Capital Management, TPG, OrbiMed, Venrock, Surveyor, Logos Capital, Novo Holdings, Pontifax, Dawn Biopharma (KKR), HealthCap, Gilde Healthcare, and Ysios Capital.
Precirix in radiopharmaceuticals, Callio Therapeutics in multi-payload ADCs, and CDR-Life in immuno-oncology extend the oncology breadth across modalities attracting intense industry attention and M&A activity. CatalYm's Visugromab targets the tumour immunosuppression pathway via GDF-15, a mechanism that has attracted significant interest given its role in cachexia and immune evasion.
Immunology and Autoimmune Disease has become an increasingly prominent focus. The acquisition of HI-Bio by Biogen for up to $1.8 billion validated Jeito's early bet on severe immune-mediated diseases. The subsequent investment in Odyssey Therapeutics extends this thesis toward small-molecule approaches where Tordjman sees "continued strong growth driven by large patient populations with significant unmet needs."
Neurology and Rare Diseases spans multiple programmes. Azafaros initiated two Phase 3 pivotal trials with nizubaglustat in Q3 2025, dosing the first patient in studies evaluating the drug in Niemann-Pick type C and GM1/GM2 gangliosidoses across approximately 35 sites in 15 countries. In January 2026, Azafaros presented five scientific presentations at WORLDSymposium 2026, including long-term Phase II data and preclinical evidence of nizubaglustat's dual mechanism. In February 2026, the company published preclinical proof-of-concept data in GM2 gangliosidosis in the Journal of Inherited Metabolic Disease. Augustine Therapeutics (Charcot-Marie-Tooth disease, HDAC6 inhibition) and Noema Pharma (CNS disorders via Roche-licensed pipeline) round out the cluster.
Ophthalmology was present from the fund's earliest days with SparingVision and was validated spectacularly by the $3 billion EyeBio acquisition. The subsequent bet on Aviceda Therapeutics generated its first pivotal readout in December 2025: the Phase 2b SIGLEC trial of AVD-104 in geographic atrophy showed an estimated 31% reduction in GA lesion growth versus sham and natural history, sustained visual acuity gains of +0.6 letters at 12 months, and a favourable safety profile with only 2% neovascular AMD conversion. However, the study did not meet its primary endpoint of non-inferiority versus avacincaptad pegol (Izervay), which Aviceda attributed to imbalances in baseline lesion characteristics across treatment arms. The company has nonetheless moved forward, with two sham-controlled Phase 3 confirmatory studies planned for initiation in 2026.
Reproductive Medicine, Women's Health, and Obesity is the newest thematic cluster. ReproNovo's leflutrozole for male infertility and the February 2026 cornerstone investment in Alveus Therapeutics, a Philadelphia-based company developing the oral next-generation GLP-1 receptor agonist ALV-100 for durable weight loss, mark Jeito's deliberate expansion into metabolic and reproductive health. Alveus's $197 million Series A, where Jeito joined alongside Novo Holdings with Sanofi (also a Jeito LP) in the original syndicate, represents Jeito's first public entry into the obesity space.
Upstream Royalty and Milestone Obligations
Several Jeito portfolio companies carry disclosed or inferred upstream license obligations, typically to academic institutions or prior corporate owners, that would generate royalty and milestone payments upon clinical, regulatory, or commercial success. These obligations are relevant for any acquirer, co-investor, or royalty financing counterparty evaluating the portfolio.
Disclosed Obligations
ReproNovo → Mereo BioPharma (leflutrozole). The most clearly disclosed upstream obligation in the Jeito portfolio. ReproNovo holds an exclusive global license from Mereo BioPharma (NASDAQ: MREO) for leflutrozole (RPN-001). Under the terms disclosed in Mereo's January 2024 corporate update, Mereo received an upfront payment and is eligible for up to $64.25 million in clinical, regulatory, and commercial milestone payments, plus tiered mid-single digit royalties on global annual net sales. Given that ReproNovo dosed its first Phase 2 patient in July 2025, clinical milestones under this agreement may already be approaching trigger points.
ReproNovo's second asset, RPN-002 (nolasiban), was acquired from ObsEva (which entered liquidation). The terms of any residual obligations on this asset are not publicly disclosed.
Noema Pharma → Roche (four CNS assets). Noema Pharma was founded in 2019 with a seed investment from Sofinnova Partners and four clinical-stage assets in-licensed from Roche, including basimglurant (NOE-101), an mGluR5 negative allosteric modulator now in Phase 2b for trigeminal neuralgia and tuberous sclerosis complex. Roche in-license structures typically include development and regulatory milestones plus sales-based royalties, though the specific terms of the Noema-Roche agreement have not been publicly disclosed. Given the breadth of four separate licensed assets, the aggregate milestone and royalty exposure to Roche could be material.
Inferred Academic License Obligations
Alentis Therapeutics → University of Strasbourg / INSERM. Alentis was founded in 2019 based on the Claudin-1 antibody research of Prof. Thomas Baumert at the University of Strasbourg and the French National Institute of Health and Medical Research (INSERM). As a university spin-off with exclusively licensed intellectual property, Alentis almost certainly carries standard academic license terms including development milestones and sales-based royalties payable to the university and/or INSERM. The specific terms have not been publicly disclosed. Given that Alentis now has two clinical-stage programmes (lixudebart in Phase 2, ALE.P02 in Phase 1/2 with FDA Fast Track), clinical milestones under this license may already have been triggered or be approaching.
Azafaros → Leiden University / Amsterdam UMC. Azafaros was founded in 2018 by BioGeneration Ventures, leveraging compound discoveries made by scientists at Leiden University and Amsterdam UMC (specifically the teams of Professors Hermen Overkleeft, Stan van Boeckel, and Hans Aerts). The aza-sugar compounds are licensed exclusively to Azafaros. As with Alentis, standard academic license terms would be expected, though specific royalty rates and milestone schedules have not been disclosed. With nizubaglustat now in two Phase 3 pivotal trials and holding multiple orphan drug designations (FDA, EMA) and Rare Pediatric Disease Designations, regulatory milestones could be significant.
SparingVision → Institut de la Vision / Sorbonne University. SparingVision is a spin-off from the Paris Vision Institute, with co-founders José Sahel (University of Pittsburgh / Sorbonne) and the late Thierry Léveillard holding IP related to the RdCVF/RdCVFL gene therapy platform (PCT applications PCT/EP2016/061488 and PCT/EP2018/086744). The Foundation Fighting Blindness' RD Fund and Bpifrance are among the early backers. License terms to the academic founders and their institutions have not been publicly disclosed.
Portfolio Companies with No Identified Upstream Obligations
Several portfolio companies appear to have developed their lead programmes internally or through proprietary platforms, with no publicly identified upstream license or royalty obligations: Precirix, CDR-Life, CatalYm, Callio Therapeutics, Odyssey Therapeutics, Quell Therapeutics, Augustine Therapeutics, Aviceda Therapeutics, Alveus Therapeutics, XyloCor Therapeutics, Corteria Pharmaceuticals, Pulmocide, and Adcendo. This does not preclude the existence of undisclosed technology platform licenses, AAV vector licenses, or other IP arrangements that are standard in the biotech industry.
Summary Table
| Company | Upstream Licensor | Obligation Type | Key Terms (if disclosed) |
|---|---|---|---|
| ReproNovo (RPN-001) | Mereo BioPharma | Exclusive global license | Up to $64.25M milestones + tiered mid-single digit royalties |
| ReproNovo (RPN-002) | ObsEva (acquired assets) | Asset acquisition | Terms not disclosed |
| Noema Pharma | Roche | In-license (4 assets) | Terms not disclosed; likely milestones + royalties |
| Alentis Therapeutics | Univ. Strasbourg / INSERM | Academic spin-off license | Terms not disclosed |
| Azafaros | Leiden Univ. / Amsterdam UMC | Exclusive academic license | Terms not disclosed |
| SparingVision | Institut de la Vision / Sorbonne | Academic spin-off license | Terms not disclosed |
Fund Structure and Limited Partners
Jeito's two funds together represent €1.6 billion in committed capital. Jeito I closed at €534 million in September 2021 and is substantially invested across approximately 22 companies. Jeito II closed at above €1 billion ($1.2 billion) on March 31, 2026, exceeding its fundraising target, and will target 15 to 20 clinical-stage biopharma companies with average investments of up to €150 million per company.
Fund I Confirmed Limited Partners
| LP | Type | Note |
|---|---|---|
| Sanofi | Strategic / Corporate | €50M; first-ever investment in a private French fund |
| European Investment Fund (EIF) | Public / Supranational | Final close participant |
| Teacher Retirement System of Texas (TRS) | US Pension Fund | First-ever investment in a European biotech fund |
| Temasek | Sovereign Wealth / Strategic | Singapore-based; life sciences focus |
| AXA | Insurance / Asset Manager | First close participant |
| Aviva | Insurance | First close participant |
| BPI France | Public Investment Bank | First close participant |
| BNP Paribas Fortis | Bank | First close participant |
| Caisse des Dépôts (CDC) | French State Institution | First close participant |
| CNP Assurances | Insurance | First close participant |
| Pro BTP | French Industry Pension Fund | First close participant |
Fund II Limited Partners
Jeito II attracted a diversified base of investors across Europe, North America, and Asia, including sovereign and public funds, pharmaceutical and corporate investors, insurance companies, pension funds, family offices, foundations, endowments, and banks. The firm described strong re-up commitment from existing Fund I LPs alongside substantial new investor momentum. Individual Fund II LP names have not been publicly disclosed beyond the general categories.
Leadership Team
Investment Team
| Name | Title | Background |
|---|---|---|
| Dr Rafaèle Tordjman, MD PhD | Founder & CEO | Haemato-oncologist; 17 years at Sofinnova Partners (to Managing Partner, €1.5B AUM); PhD Paris VII; INSERM/Nature Immunology; Chevalier de la Légion d'Honneur (2020); France's Special Envoy for Health Innovation (2021); Founder of W.I.T.H. |
| Ksenija Pavletic | General Partner & CCO | 25+ years pharma/biotech; former CEO PregLem SA (sold for CHF 445M); 11 years at Serono/Merck Serono; promoted to GP October 2025; boards: Azafaros, Callio, Odyssey, ReproNovo, Alveus, Adcendo |
| Sabine Dandiguian | Managing Partner | Founding team; commercial and regulatory functions; market access and commercialisation strategy |
| Rachel Mears | Partner | London-based; UK and transatlantic deals; boards: XyloCor, Azafaros |
| Mehdi Ainouche | Partner (promoted May 2025) | PharmD; neurology and rare disease; board: Augustine Therapeutics |
| Pascal Touchon | Operating Partner (June 2025) | 35 years global pharma experience |
| Samit Hirawat, MD | Strategic Medical Advisor (March 2026) | Former CMO of Bristol Myers Squibb (oversaw Sotyktu, Reblozyl, Camzyos, Cobenfy launches); previously EVP & Head of Oncology Development at Novartis; 150+ publications; also on Pacira BioSciences board |
Recent Developments (2024--2026)
Jeito's most active period produced its defining outcomes in 2024 and extended momentum through 2025 into the closing of Jeito II in early 2026.
Investment & Milestone Timeline
| Date | Event | Details |
|---|---|---|
| July 2024 | EyeBio exit | Acquired by Merck & Co for up to $3.0B ($1.3B upfront) |
| July 2024 | HI-Bio exit | Acquired by Biogen for up to $1.8B ($1.15B upfront) |
| November 2024 | Alentis Series D | €164.5M; Jeito's third successive co-lead; alongside OrbiMed and Novo Holdings |
| November 2024 | ALE.P02 Fast Track | FDA grants Fast Track designation for CLDN1+ squamous cancers |
| January 2025 | XyloCor Series B | $67.5M; Jeito led; XC001 Phase 2b for refractory angina |
| January 2025 | Alentis lixudebart data | Positive topline from two Phase 2 fibrosis studies (ANCA-RPGN, liver fibrosis) |
| March 2025 | Augustine Series A | €78M; Jeito co-led with Novo Holdings; HDAC6 inhibitor for CMT |
| March 2025 | Callio Series A | $187M; Jeito significant participant; multi-payload ADC |
| May 2025 | Ainouche promotion | Promoted to Partner |
| May 2025 | ReproNovo Series A | $65M; Jeito led; leflutrozole for male infertility |
| May 2025 | Azafaros Series B | €132M; Jeito led; nizubaglustat for NPC and GM1/GM2 |
| June 2025 | Touchon appointed | Operating Partner |
| July 2025 | Azafaros Phase 3 start | First patient dosed in two pivotal trials (NAVIGATE); ~35 sites, 15 countries |
| September 2025 | Odyssey Series D | $213M; Jeito significant participant; autoimmune diseases |
| September 2025 | Pulmocide follow-on | Jeito follow-on investment |
| October 2025 | Pavletic promoted | General Partner & CCO |
| December 2025 | Aviceda Phase 2b data | SIGLEC topline: 31% lesion growth reduction, +0.6 letter VA; primary endpoint not met vs Izervay |
| January 2026 | Azafaros at WORLDSymposium | Five scientific presentations including long-term Phase 2 data |
| February 2026 | Alveus Series A 2nd close | $197M total; Jeito cornerstone; ALV-100 (oral GLP-1); Pavletic joins board |
| February 2026 | Azafaros publication | Preclinical GM2 efficacy data published in JIMD |
| March 2026 | Hirawat appointed | Strategic Medical Advisor; former BMS CMO |
| March 31, 2026 | Jeito II final close | >€1B ($1.2B); largest independent European biopharma fund raise |
| April 8, 2026 | Jeito II announced | Total AUM tripled to €1.6B |
| April 14, 2026 | Adcendo Series C | $75M; Jeito led from Fund II; first-in-class ADC pipeline; Pavletic joins board |
Strengths and Competitive Advantages
Exit track record is exceptional for a first European fund. Three acquisitions in five years, for up to $5.1 billion in combined headline value ($2.65 billion in confirmed upfront payments), from a €534 million fund represents a return profile that would be remarkable in any geography. EyeBio (up to $3 billion to Merck, $1.3 billion upfront) and HI-Bio (up to $1.8 billion to Biogen, $1.15 billion upfront) both closed in July 2024, with an average holding period of 24 months, providing LP liquidity in a market where European biotech exits had been scarce. This track record differentiates Jeito from most European funds of comparable vintage and directly enabled the Jeito II fundraise.
Jeito II validates the model at scale. Exceeding the €1 billion target for Fund II, with a diversified global LP base spanning three continents, demonstrates that the continuous financing thesis and the multi-disciplinary team model are not idiosyncratic to a single fund but replicable and scalable. The ability to invest up to €150 million per company under Fund II substantially extends Jeito's competitive range.
Continuous financing model creates durable portfolio influence. By leading multiple rounds in the same company, most visibly Alentis across three rounds, Jeito maintains board seats, strategic influence, and first-look rights on future financing at a stage when follow-on economics are typically most attractive.
Positioning within the French biotech-industrial complex. Tordjman's role as Special Envoy for Health Innovation, her founding of W.I.T.H., and Sanofi's LP commitment give Jeito unmatched access to the French biotech ecosystem, deal flow that comes before formal fundraising processes, relationships with academic founders, and the political infrastructure that shapes French innovation policy.
Team structure mirrors portfolio company needs. The integration of clinical, regulatory, commercial, patent strategy, manufacturing, and market access expertise into a team of 30+ creates what Jeito describes as a multi-talented team integrated across the entire drug development value chain. The appointment of Samit Hirawat as Strategic Medical Advisor in March 2026, adding a former pharma CMO with direct oversight of multi-billion-dollar drug portfolios, further deepens this bench.
LP diversity provides geographic reach. A US pension fund, Asian sovereign, European supranational, and the French institutional establishment give Jeito's portfolio companies introductions and co-investment pathways that a purely domestic European fund cannot offer. The expanded Fund II LP base, drawing from Europe, North America, and Asia, amplifies this further.
Risks, Challenges, and Vulnerabilities
Portfolio concentration in oncology ADCs and immuno-oncology. Alentis, Callio, Adcendo, CatalYm, Precirix, and CDR-Life all represent bets on oncology mechanisms that have seen intense industry attention and, in the case of ADCs, clinical setbacks that triggered widespread re-evaluation of the modality. The addition of Adcendo from Fund II doubles down on the ADC thesis.
Aviceda Phase 2b primary endpoint miss. While AVD-104 showed clinically meaningful secondary signals (31% lesion growth reduction, sustained VA gains, favourable safety), the failure to demonstrate non-inferiority versus Izervay on the primary endpoint introduces execution risk into the Phase 3 programme and may complicate the regulatory and partnering narrative.
Exit concentration risk. The fund's exit narrative is heavily weighted toward three transactions, two of which closed simultaneously in July 2024. No subsequent exits have been announced. The remaining active portfolio includes several companies at Phase 1 or Phase 2, where the path to acquisition or IPO is 3 to 5 years.
Key person dependency. Rafaèle Tordjman is Jeito's public face, brand, and deal network. The promotions and senior hires indicate succession-building, but the fund's positioning in the French institutional ecosystem remains deeply personal.
The US drift question. Recent investments in Odyssey, Aviceda, Callio, Alveus, and now Adcendo (Copenhagen/Boston) suggest an accelerating move toward companies with significant US operations. This is rational given the depth of the US clinical-stage pipeline, but risks diluting Jeito's core positioning as the European fund that understands European markets. If Fund II is substantially deployed into US-headquartered biotechs, the differentiation from large crossover funds narrows.
Deployment pace vs fund size. Fund II targets 15 to 20 companies at up to €150 million each. The first disclosed investment, Adcendo, arrived within two weeks of the fund close announcement. The pace of deployment and the quality of deal flow over the next 12 to 18 months will determine whether the larger fund can maintain the selectivity that characterised Fund I.
Conclusion
Jeito Capital has, in six years of active deployment, accomplished what most European biotech funds take a decade or longer to demonstrate: a credible exit track record, a recognisable investment model, a tripling of assets under management, and the institutional relationships required to attract international LPs and global co-investors.
The closing of Jeito II at above €1 billion, the largest raise ever achieved by a fully independent European biopharma fund, marks the transition from a promising first-fund story to a durable platform. The combination of Tordjman's clinical background, her Sofinnova network, and the deliberate design of a team that mirrors pharmaceutical company functions produces an investor that portfolio CEOs and acquirers consistently take seriously.
The rapid deployment into Adcendo, announced just days after the Fund II close, signals that the new vehicle is operational and that Jeito's deal pipeline extends well beyond the companies already in the portfolio. With €1.6 billion under management, a track record that puts Jeito in the same conversation as the best US crossover investors, and an LP base spanning three continents, the question is no longer whether the model works, but how far the transatlantic mandate will extend, and whether the larger fund can maintain the concentration and conviction that defined Fund I.
All information in this article was accurate as of the research date (April 16, 2026) and is derived from publicly available sources including company press releases, regulatory announcements, and financial news reporting. Information may have changed since publication. This content is for informational purposes only and does not constitute investment, legal, or financial advice. The author is not a lawyer or financial adviser.
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