Jeito Capital closes USD1.2B second fund to support European biopharma breakthroughs

FRANCE — Jeito Capital has closed its second fund, Jeito II, raising more than €1 billion (USD1.2 billion), the largest raise ever by a fully independent European biopharma fund.

The milestone increases the Paris-based private equity firm’s total assets under management to €1.6 billion (USD1.9 billion), building on the €534 million (USD640 million) it raised through its debut fund in 2021.

A bigger fund, bigger bets

Jeito II will back between 15 and 20 clinical-stage biopharma companies, primarily in Europe, with average investments of up to €150 million (USD 180 million) per company—a larger commitment than the firm has previously made.

The fund targets companies developing therapies for severe diseases where patients currently have few or no options, spanning autoimmune, cardiometabolic, and inflammatory conditions, as well as obesity, oncology, and reproductive medicine.

Investors from across Asia, Europe, and North America — including sovereign wealth funds, banks, and family offices — supported the raise.

Founder and CEO Dr. Rafaèle Tordjman called the closing a strong signal for the broader European biopharma ecosystem.

“It demonstrates the growing conviction that European companies can drive major therapeutic innovation and significant economic benefits with the appropriate access to financial and strategic resources,” she said.

Capital flowing into overlooked conditions

Among Jeito II’s early investments is ReproNovo, a Swiss company developing treatments in reproductive medicine.

In May 2025, Jeito participated in a USD65 million funding round for the company, which is advancing RPN-002 (nolasiban), a first-in-class molecule for adenomyosis that improves embryo implantation rates in women undergoing assisted reproductive technology.

Adenomyosis is a condition where tissue similar to the uterine lining grows into the muscular wall of the uterus, affecting an estimated 20 to 35% of women, causing heavy bleeding, chronic pain, and fertility complications.

Despite its prevalence, no approved targeted therapy exists for the condition.

Backing from a fund of this scale marks a meaningful shift in attention toward a long-underserved area of women’s health.

A strong track record behind the ambition

Jeito’s first fund has already demonstrated its approach can deliver results.

The firm has completed three exits to date, including acquisitions by Merck (MSD) and Biogen, with combined deal values reaching up to USD4.8 billion.

Notably, the firm achieved these returns with an average holding period of just 24 months, a relatively swift turnaround in an industry where long development timelines are the norm.