What Catalio is doing now
Catalio is assembling a new pool to back companies at the intersection of artificial intelligence and health, aiming for $500 million. It is the firm's second capital raise in 16 months, according to people who asked not to be identified because the details are private.
What the firm told investors
In a letter viewed by Bloomberg News, Catalio said AI is accelerating progress across healthcare and is giving rise to businesses that blend AI with biomedicine and clinical care, calling them "category-defining." The firm said it moved up the launch of Nexus V from 2027 to "capitalize on this once-in-a-generation opportunity."
Portfolio moves and track record
Catalio's most recent fund wrapped up in July 2025 at more than $400 million. About 40% of that portfolio involved companies with AI exposure, and the firm expects a comparable share in the next fund, according to people familiar with the plans. Five existing positions are set to be folded into Nexus V, among them Doctronic, which bills itself as "your personal AI doctor," and Basecamp Research, which works on AI-designed "therapeutics." Catalio declined to comment.
Market signals and exits
A survey by Nvidia Corp found that around 70% of healthcare and life sciences organizations are using AI, up from 63% a year earlier, with pharma and biotech among the most eager adopters. This year, Catalio has completed sales of three portfolio companies in deals totaling more than $8 billion. Seven of its holdings have made public debuts, including Iambic Therapeutics' $150 million initial public offering this week and Parabilis Medicines Inc's $745 million listing in June. The firm added that Enveda Biosciences and Imperative Care are anticipated to pursue public listings.
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Who is backing Catalio
KKR acquired a minority interest in Catalio in 2023. KKR co-founder Henry Kravis chairs Catalio's board, and its members include Thoma Bravo co-founder Orlando Bravo, alongside Michael Patterson - who serves as a founding partner and co-president at HPS Investment Partners, now part of BlackRock Inc.
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