Deerfield Management: Platform Profile

Overview

Deerfield Management is a healthcare-focused investment manager launched in 1994. Its platform invests across public and private healthcare companies and across stages of development, with coverage spanning therapeutics, medical devices, diagnostics, healthcare services and related technologies.

That breadth makes Deerfield a healthcare crossover manager rather than a public-biotech-only hedge fund.

May fit better for

• institutions seeking specialist healthcare investing;
• investors comfortable with biotechnology and clinical-development risk;
• allocators seeking public/private crossover exposure;
• qualified investors evaluating private pooled vehicles;
• investors comfortable with concentrated healthcare sector exposure.

May fit less well for

• investors seeking sector-neutral diversification;
• retail users seeking public self-service hedge-fund access;
• users who treat the 13F as Deerfield's complete healthcare portfolio;
• investors uncomfortable with binary clinical, regulatory or reimbursement outcomes.

Deerfield is SEC registered

• Legal adviser: Deerfield Management Company, L.P.
• CRD: 157876
• SEC number: 801-73284
• SEC registration effective: 2012-03-30
• SEC registered investment adviser: Yes

First-party AUM was over $16B as of December 31, 2025

Current first-party pages still disclosures show:

• Public AUM: $16B+
• Public AUM as of: 2025-12-31

This remains a useful dated public figure.

It is not the preferred current regulatory AUM measure.

Current regulatory AUM is $19.084B

Current July 31, 2026 Form-ADV-derived data:

• Regulatory AUM: $19.084B
• Regulatory AUM as of: 2026-07-31
• Discretionary AUM: $19.084B
• Client accounts: 12
• Employees: 189

Q2 2026 13F value is $9.586B

Current SEC filing:

• Q2 2026 13F value: $9.586B
• Q2 2026 13F as of: 2026-06-30
• Q2 2026 13F entry count: 82
• Included manager: Deerfield UGP LLC

Deerfield's private investments, non-13F instruments and other exposures are not represented by the filing.

Healthcare investing spans public and private markets

Current first-party materials support:

• Healthcare specialist: Yes
• Public investing: Yes
• Private investing: Yes
• Therapeutics: Yes
• Medical devices: Yes
• Diagnostics: Yes
• Healthcare services: Yes
• Digital health and healthcare technology: Yes
• Multiple lifecycle stages: Yes

The manager has supported more than 200 public and private healthcare investments.

That count is an experience reference, not a portfolio-size or performance metric.

Private-fund data must stay separate from RAUM

Current adviser-data services report private pooled vehicles with gross assets close to or above regulatory AUM, but current aggregators differ on private-fund count and aggregate GAV.

Current Form D records confirm private offerings

Current 2026 Form D-derived records include major Deerfield vehicles.

Representative disclosures show:

• Deerfield Partners LP latest Form d period: 2026
• Form d total amount sold: $8.95B

Universal minimums and fees remain undisclosed

Different Deerfield funds and investment relationships can have different economics and eligibility.

Assessment

Deerfield's public and regulatory AUM figures are directionally consistent but not interchangeable, and the $9.586B Q2 13F represents only the reportable securities portion of a much broader healthcare platform.

The main analytical risk is treating a public-stock filing as the healthcare portfolio.