TCG Crossover Secures $1.3B for Third Fund, Bolstering Biotech Investment Portfolio

TCG Crossover (TCGX), a prominent bicoastal life sciences investment firm, has successfully closed its third fund, raising $1.3 billion and bringing its total capital to an impressive $3.1 billion. This latest financial milestone, announced on October 6, 2025, underscores the firm's growing influence in the biotech investment landscape and its commitment to backing innovative medical advancements.

Fund III Exceeds Expectations

The newly secured $1.3 billion fund surpasses TCGX's previous fundraising efforts, eclipsing the $1 billion raised for Fund II in January 2024. This substantial increase reflects the strong confidence investors have placed in TCGX's investment strategy and team.

Dr. Chen Yu, founder and managing partner of TCGX, emphasized the significance of this achievement, stating, "Exceeding our target for Fund III highlights the deep trust and conviction our investors have placed in our team and approach. We remain steadfast in our mission to back visionary entrepreneurs and companies advancing disruptive medicines to improve patient outcomes."

The diverse investor base for Fund III includes institutions, foundations, pensions, and endowments, comprising both returning and new supporters.

TCGX's Growing Influence in Biotech Investments

Since its inception in February 2021, TCGX has rapidly established itself as a key player in high-profile biotech fundraising rounds. The firm's investment portfolio showcases a strategic focus on companies developing cutting-edge therapeutics and technologies.

Notable investments include:

• Leading Arbor Biotechnologies' $215 million Series B round
• Supporting Structure Therapeutics (formerly ShouTi), Obsidian Therapeutics, Artios Pharma, and RayzeBio (recently acquired by Bristol Myers Squibb)
• Backing the $370 million launch of Candid Therapeutics, founded by former RayzeBio CEO Ken Song, M.D.
• Participating in Tourmaline Bio's funding, which led to a $1.4 billion acquisition by Novartis
• Most recently, contributing to a $135 million Series B round for Adcendo, a Danish biotech developing antibody-drug conjugates for high-unmet-need cancers

Leadership Expansion and Future Outlook

Alongside the fund announcement, TCGX revealed the promotion of Giuliano Marostica to managing partner. Dr. Yu commented on the promotion, saying, "Giuliano was the first team member to join me at TCGX, and he has played an integral role in building the firm and bringing tremendous value to our portfolio companies."

This strategic move, coupled with the substantial new fund, positions TCGX to continue its trajectory of supporting innovative biotech companies and potentially shaping the future of medicine through strategic investments.