Overview
Description of Advisory Firm. For the purposes of this brochure, the “Firm” means Redmile
Group, LLC, a Delaware limited liability company, together (where the context permits) with its
affiliated general partners of the Funds (each, a “General Partner”) and other affiliates that provide
advisory services to and/or receive advisory fees from the Funds. Such affiliates are under
common control with Redmile Group, LLC and possess a substantial identity of personnel and/or
equity owners with Redmile Group, LLC. These affiliates may be formed for tax, regulatory or
other purposes in connection with the organization of the Funds, or may serve as general partners
of the Funds. The Firm was formed in March 2007 and became operational shortly thereafter.
Jeremy Green is the managing member and principal owner of the Firm. The Firm generally
provides investment management, advisory and sub-advisory services to investment vehicles that
are exempt from registration under the Investment Company Act of 1940, as amended (together
with any special purpose vehicles (“SPVs”) and other investment vehicles and accounts advised
by the Firm, the “Funds”), focusing primarily on making investments in U.S. and non-U.S.
healthcare companies. In limited circumstances, the Firm also provides certain consulting services.
The Firm provides investment management and advisory services to open-end funds that invest
primarily in public equities, closed-end venture capital or growth equity funds and closed-end
funds that invest primarily in public equities. The firm also provides investment management and
advisory services to certain SPVs which typically are structured to implement a specific trade
thesis or to invest in and around a specific company.
Certain open-ended Funds previously designated securities for which there was no ready market
as “Designated Investments,” although the Firm has discontinued accepting new capital for
participation in Designated Investments and does not intend to enter into any new Designated
Investments (aside from follow-on investments in existing Designated Investments). Certain other
investments that are reasonably deemed by the Firm to either exceed a Fund’s concentration or
risk parameters then in effect or be subject to legal, contractual or other restrictions are designated
as “Special Investments.” The Firm’s authority with respect to Special Investments only applies
to then existing public positions that it reasonably expects to be able to exit within three to 12
months.
The Firm provides investment supervisory services to each Fund in accordance with the limited
partnership agreement (or analogous organizational document) of such Fund or separate
investment and advisory, investment management or portfolio management agreements (each, an
“Advisory Agreement”).
Investment advice is provided directly to the Funds, subject to the discretion and control of the
applicable General Partner and not individually to the investors in the Funds. Services are provided
to the Funds in accordance with the Advisory Agreements with the Funds and/or organizational
documents of the applicable Funds. Investment restrictions for the Funds, if any, are generally
established in the organizational or offering documents of the applicable Funds, Advisory
Agreements and/or side letter agreements negotiated with investors in the applicable Funds (such
documents collectively, a Fund’s “Organizational Documents”).
Description of Advisory Services. The Firm manages the portfolios of the Funds on a
discretionary basis according to the investment objectives and restrictions of each Funds. The
investment objective and strategy for each Fund is described in more detail in its Organizational
Documents.
Wrap Fee Programs. The Firm does not participate in wrap fee programs.
Assets Under Management. As of December 31, 2023, the Firm had approximately $6.474
billion in client net assets under management on a discretionary basis. The Firm currently does
not manage assets on a non-discretionary basis.