Adjuvant Capital
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Adjuvant Capital is what happens when the Gates Foundation alumni club decides to prove that doing good and making money aren't mutually exclusive in global health. Glenn Rockman and Jenny Yip are seasoned operators with serious pedigree - Rockman helped launch the $108M Global Health Investment Fund, and Yip ran strategic investments at Gates Foundation. They've attracted heavyweight LPs including Gates ($75M anchor), Novartis, Merck, and have already delivered exits with acquisitions of AN2 Therapeutics and others. They're not just writing checks - every investment comes with 'Global Access Commitments' to ensure products reach underserved populations, which is either admirable mission alignment or clever marketing to impact investors. The real test isn't their do-gooder credentials - it's whether they can generate actual returns while staying true to their access mission when the rubber meets the road.
- —Best for: late-stage global health companies with proven efficacy seeking $10-25M
- —Watch out for: their Global Access Commitments might limit pricing/exit options
- —Known for: Gates Foundation pedigree and blue-chip pharmaceutical LP base
Adjuvant is a new type of venture capital firm that finances the most promising life science technologies for high-burden public health challenges, with a mission to use venture capital strategies to deploy capital in promising public health technologies and ensure they are made accessible to those who need them most. They invest in innovative technologies to address high-burden and neglected infectious diseases, maternal and child health, nutrition, and reproductive and sexual health.
Adjuvant makes $10-$25 million investments in ambitious companies targeting opportunities in high burden and neglected disease, primarily focused on Series A stage with an average round size of $35.5M, followed by Series B ($47.7M average) and Series C ($62.4M average). They direct the majority of their investment activity to opportunities that have human efficacy data from a phase II trial or similar arm's-length evaluations.
Prior to founding Adjuvant Capital in 2018, Glenn was a Managing Partner at the investment advisory firm responsible for managing Global Health Investment Fund (GHIF), and before that spent over a decade as an Executive Director in J.P. Morgan's Social Finance unit helping non-profit clients maximize financial resources. He's a finance professional with more than 20 years of experience in venture capital and investment banking, overseeing Adjuvant's investment practice and operations.
Previously a Managing Partner at Adjuvant Capital and formerly a Partner at the Bill & Melinda Gates Foundation Strategic Investment Fund where she led transactions across the foundation's focus areas in global health, agriculture, nutrition, and education. Her background includes investment banking at Goldman Sachs and she graduated from Harvard University with an AB in History and Science. She is currently serving as the Chief Operating Officer and Chief Investment Officer of a soon-to-launch healthcare startup.
Kabeer co-founded Adjuvant Capital following his time at the Global Health Investment Fund (GHIF), where he led and helped manage investments in Themis (now part of Merck), Univercells, Atomo Diagnostics, and Access Bio. Prior to GHIF, he spent time at Metalmark Capital investing across the healthcare sector and at Greenhill & Co. advising on biopharmaceutical M&A transactions.
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