SV Health Investors’ second dementia-focused fund secures commitments of $269 million
The Dementia Discovery Fund (DDF), managed by SV Health Investors, today announced the final close of its second fund, DDF-2, with commitments totalling $269 million.
DDF-2 was registered at Companies House on 3 November 2021. In its most recent filing on 26 March 2025 it added five new limited partners. These were: British Patient Capital (a subsidiary of the British Business Bank), Scott Endowment Trust, Dunhill Medical Trust, Shenandoah Foundation and Moulton Goodies.
DDF-1 was registered on 27 August 2015. The two combined DDF funds have raised more than $550 million to invest in companies searching for or enabling novel treatments for dementia, including Alzheimer’s Disease. It is the largest series of specialised VC funds with this aim, according to the manager.
DDF has a dual mandate of delivering measurable impact and generating significant financial returns.
SV plans to build a portfolio for DDF-2 of between ten and 15 investments across the UK, US and Europe. It has already invested in four businesses.
Investors that have also supported both funds include pharma companies Bristol Myers Squibb, Eli Lilly and Pfizer as well as AARP, British Business Bank and Gates Ventures. The Alzheimer’s Association is an investor in the new vehicle.
DDF has nurtured 19 companies since inception. DDF built half of the companies in its existing portfolio and more than 50 programmes are currently underway.
Jonathan Behr, partner, SV Health Investors, said in a statement: “Drug development for dementia is thankfully gaining momentum since the launch of DDF and the first disease-modifying Alzheimer’s drugs have been approved – underscoring that success is possible but that we still have far to go.
“With DDF-2, we have an exciting opportunity to make a real difference in the fight against dementia while delivering returns through investments in new treatments.”
Christine Hockley, managing director, funds, British Patient Capital, said on making its investment in March: “The UK is a world leader in life sciences, but the R&D-intensive nature of the sector means it depends on long term capital to commercialise and scale breakthrough research.
“British Patient Capital is designed to increase the availability of funding for high-potential UK life sciences companies by working with specialist venture growth funds. Our cornerstone commitment to DDF-2 will finance vital medical research while also helping to cement the UK’s global position in neuroscience.”
SV Health Advisors’ most recent registration at Companies House was for the SV8 Biotech Fund on 4 March 2025, but no further details are available.