9AT: PALO ALTO INVESTORS LP

other names

PALO ALTO INVESTORS LP
PAI LLC
PALO ALTO INVESTORS, LLC

Adviser Profile

As of Date	03/31/2025
ADV Location	PALO ALTO, CA, United States
Adviser Type - Large advisory firm
Number of Employees	12
of those in investment advisory functions	5
Registration	SEC, Approved, 12/05/2000

AUM^*	667,000,000 -48%
of that, discretionary	667,000,000 -48%
Private Fund GAV^*	671,000,000 -37%
Avg Account Size	55,583,333 -48%
SMA’s	No
Private Funds	12 6
Contact Info	650 xxxxxxx
Websites

Client Types

- Pooled investment vehicles

Advisory Activities

- Portfolio management for pooled investment vehicles

Compensation Arrangments

- A percentage of assets under your management
- Performance-based fees

Fund Type	Count	GAV
Fund TypeHedge Fund	Count12	GAV$671,000,000

Adviser	Hedge Fund	Liquidity Fund	Private Equity Fund	Real Estate Fund	Securitized Asset Fund	Venture Capital Fund	Other Fund	Total Private Fund GAV	AUM	#Funds
Adviser JANA PARTNERS LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM1.3b	#Funds-
Adviser INFRASTRUCTURE CAPITAL ADVISORS, LLC	Hedge Fund12.0m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV12.0m	AUM2.6b	#Funds1
Adviser QUINN OPPORTUNITY PARTNERS	Hedge Fund941.9m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV941.9m	AUM1.6b	#Funds6
Adviser VESTAL POINT CAPITAL, LP	Hedge Fund1.3b	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV1.3b	AUM2.8b	#Funds3
Adviser BELSTAR MANAGEMENT COMPANY, LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM649.4m	#Funds-
Adviser THIRD AVENUE MANAGEMENT LLC	Hedge Fund18.6m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV18.6m	AUM1.4b	#Funds1
Adviser FIRST LIGHT ASSET MANAGEMENT, LLC	Hedge Fund699.6m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV699.6m	AUM1.1b	#Funds5
Adviser COLUMBUS HILL CAPITAL MANAGEMENT, L.P.	Hedge Fund1.4b	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV1.4b	AUM1.4b	#Funds6
Adviser HOLDCO ASSET MANAGEMENT, LP	Hedge Fund2.4b	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV2.4b	AUM2.4b	#Funds6
Adviser COHANZICK MANAGEMENT LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM880.6m	#Funds-

Stock Ticker	Stock Name	$ Position	% Position	$ Change	# Change
Stck Ticker457669307	Stock NameINSMED INC	$ Position$87,064,972	% Position19.00%	$ Change16.00%	# Change-12.00%
Stck Ticker004225108	Stock NameACADIA PHARMACEUTICALS INC	$ Position$55,288,418	% Position12.00%	$ Change25.00%	# Change-4.00%
Stck Ticker09061G101	Stock NameBIOMARIN PHARMACEUTICAL INC	$ Position$46,200,636	% Position10.00%	$ Change-34.00%	# Change-15.00%
Stck Ticker03152W109	Stock NameAMICUS THERAPEUTICS INC	$ Position$32,148,239	% Position7.00%	$ Change-46.00%	# Change-24.00%
Stck Ticker91307C102	Stock NameUNITED THERAPEUTICS CORP	$ Position$27,436,753	% Position6.00%	$ Change-15.00%	# Change-9.00%
Stck Ticker09062X103	Stock NameBIOGEN INC	$ Position$25,841,273	% Position5.00%	$ Change-8.00%	# Change0.00%
Stck Ticker02043Q107	Stock NameALNYLAM PHARMACEUTICALS INC	$ Position$24,631,208	% Position5.00%	$ Change9.00%	# Change-10.00%
Stck Ticker032724106	Stock NameANAPTYSBIO INC	$ Position$18,044,626	% Position4.00%	$ Change-5.00%	# Change-20.00%
Stck TickerG6674U108	Stock NameNOVOCURE LTD	$ Position$17,130,649	% Position4.00%	$ Change-4.00%	# Change-4.00%
Stck Ticker69366J200	Stock NamePTC THERAPEUTICS INC	$ Position$19,851,946	% Position4.00%	$ Change-4.00%	# Change1.00%

Brochure Summary

Overview

PAI is the investment adviser to private pooled investment vehicles, the securities of which are offered to investors on a private placement basis (each a “Fund” and collectively, the “Funds”). Its principals and the leaders of its portfolio team are Dr. A. Joon Yun and Dr. Patrick Lee. PAI was previously Palo Alto Investors, LLC, a California limited liability company. On March 30, 2018, it converted into a California limited partnership. At the same time, it organized its affiliate, PAI LLC, a California limited liability company with which it is under common control, to act as the general partner of the Funds that are organized as limited partnerships, and PAI entered into an Investment Adviser Agreement with each of the Funds pursuant to which it manages their assets. PAI was founded by William L. Edwards. While Drs. Yun and Lee have led portfolio management team for some time, until December 31, 2012, Mr. Edwards was PAI’s chairman, chief executive officer and chief investment officer, and the chairman, chief executive officer and sole shareholder of Palo Alto Investors,

a California corporation that served as its manager. Effective as of January 1, 2013, Mr. Edwards transitioned the management of PAI to Drs. Yun and Lee. In connection with that transition, Drs. Yun and Lee replaced Palo Alto Investors as the co- managers of PAI and Mr. Edwards resigned as the PAI’s chairman, chief executive officer and chief investment officer. As of December 31, 2023, PAI had total discretionary assets under management of approximately $1.06 billion. PAI manages assets only on a discretionary basis. PAI invests principally, but not exclusively, in equity and equity-related securities that are traded publicly in U.S. markets and issued by companies primarily in the healthcare industry. Regardless of its current focus, for each of the Funds, PAI is authorized to enter into any type of investment transaction that it deems appropriate under the terms of each Fund’s partnership or investment agreement. The investors in the Funds have no opportunity to select or evaluate any Fund investments or strategies. PAI selects all Fund investments and strategies.

PALO ALTO INVESTORS LP

Adviser Profile

Details

Client Types

Advisory Activities

Compensation Arrangments

Reported AUM

Private Funds

Employees

Private Funds Structure

Similar advisers

Top Holdings

Brochure Summary

Overview