The Dementia Discovery Fund (DDF), managed by SV Health Investors, is a transatlantic venture capital initiative established in 2015. Headquartered in London and Boston, DDF is the world's largest family of specialized venture capital funds dedicated exclusively to investing in companies developing or enabling novel therapeutics for dementia. With over $550 million raised to date, DDF capitalizes on global investment opportunities to fulfill its dual mandate of delivering measurable impact and generating significant financial returns.
DDF targets early-stage biotech companies developing disease-modifying therapeutics for various forms of dementia, including Alzheimer's disease, frontotemporal dementia, and other neurodegenerative conditions.
The fund invests across the full spectrum of company and asset stages, from target identification to clinical development, focusing on innovative approaches that address the significant unmet medical need in dementia treatment.
In May 2025, SV Health Investors announced the final closing of its second Dementia Discovery Fund (DDF-2) with $269 million in commitments.
This new fund builds upon the success of the first DDF, which closed at £250 million in 2018. DDF-2 has already invested in four companies and aims to construct a portfolio of 10 to 15 innovative biotech ventures across the UK, Europe, and the United States.
The fund continues its strategy of building and backing highly innovative biotech companies developing life-changing therapies for patients worldwide, to generate attractive returns.
Leadership
The Dementia Discovery Fund is managed by SV Health Investors, a leading healthcare fund manager with a 30-year track record in the US and UK. The DDF team includes partners Jonathan Behr, Christian B. Jung, PhD, and Laurence Barker, who bring extensive experience in neuroscience R&D and venture investing. Their collective expertise positions DDF to identify and support promising new ideas in dementia therapeutics.
DDF is supported by a diverse group of investors, including major pharmaceutical companies (Biogen, Bristol Myers Squibb, Eli Lilly and Co., GSK, Johnson & Johnson, Otsuka (Astex), Pfizer, and Takeda), as well as organizations like AARP, Aegon, British Business Bank, Gates Frontier, UnitedHealth Group, and non-profits such as the Alzheimer's Association, Alzheimer's Research UK, and LifeArc. The fund's investment team collaborates closely with venture partners, entrepreneurs, leading scientists, and strategic partners to invest in and create new biotech companies, providing thought leadership in the field.
Notable Investments
DDF has invested in a range of companies focused on developing novel therapeutics for dementia. Notable investments include Cerevance, which utilizes a proprietary technology platform for molecular analysis of specific cell types in human brain tissue; Therini Bio, developing therapies targeting inflammatory fibrin; and Caraway Therapeutics, which was acquired by Merck for up to $610 million.
Notable Exits
A significant exit for DDF is the acquisition of Caraway Therapeutics by Merck, announced in 2023, with a total potential consideration of up to $610 million, including an upfront payment and contingent milestone payments.
