Firm Description and Principal Owners
Cormorant Asset Management, LP (together with its advisory affiliates, “Cormorant”), is organized under the
laws of the State of Delaware, and has its principal office at 200 Clarendon Street, 52nd Floor, Boston,
Massachusetts 02116. Cormorant is registered as an investment adviser with the Securities and Exchange
Commission (the “SEC”) and is subject to the relevant rules and regulations promulgated under the Investment
Advisers Act of 1940, as amended (the “Advisers Act”). Cormorant’s business is also conducted through its
affiliates, organized as Delaware limited liability companies, Cormorant Asset Management GP, LLC,
Cormorant Global Healthcare GP, LLC, Cormorant Private Healthcare GP, LLC, Cormorant Private
Healthcare GP II, LLC, Cormorant Private Healthcare GP III, LLC, and Cormorant Private Healthcare GP
IV, LLC (each the “General Partner” and, collectively, the “General Partners”) and Cormorant PR (as described
further below). Cormorant is fully controlled by Bihua Chen. Ms. Chen is the sole managing member of the
General Partners and Cormorant PR.
Cormorant has delegated a part of its advisory services to Cormorant Asset Management Puerto Rico LLC
(“Cormorant PR”), which is organized under the laws of Puerto Rico. Cormorant PR is fully owned and
controlled by Bihua Chen. Cormorant PR is charged with providing discretionary investment advisory
services to the Advisory Clients’ (as described further below) portfolios.
Types of Advisory Services
Cormorant provides discretionary investment advisory services to the following advisory clients (the
“Advisory Clients”):
• Hedge Fund: Cormorant Global Healthcare Master Fund, LP, a Cayman Island exempted limited
partnership that is the main fund in a master-feeder hedge fund (the “Hedge Fund”) with Cormorant
Global Healthcare Fund, LP, a Delaware limited partnership as the onshore feeder (the “Onshore
Feeder”); and, Cormorant Global Healthcare Offshore Fund, Ltd., a Cayman Island exempted
limited company as the offshore feeder (the “Offshore Feeder”).
• Private Equity Funds:
• Cormorant Private Healthcare Fund I, LP, a Delaware limited partnership that is a
private equity fund (the “PE Fund”), organized via a mini master-feeder structure with
Cormorant Private Healthcare Offshore Fund I LP, a Cayman Island exempted limited
partnership as the offshore feeder;
• Cormorant Private Healthcare Fund II, LP, a Delaware limited partnership that is a
private equity fund (the “PE Fund II”), organized via a mini master-feeder structure
with Cormorant Private Healthcare Offshore Fund II LP, a Cayman Island exempted
limited partnership as the offshore feeder;
• Cormorant Private Healthcare Fund III, LP, a Delaware limited partnership that is a
private equity fund (the “PE Fund III”), organized via a mini master-feeder structure
with Cormorant Private Healthcare Offshore Fund III LP, a Cayman Island exempted
limited partnership as the offshore feeder; and
• Cormorant Private Healthcare Fund IV, LP, a Delaware limited partnership that is a
private equity fund (the “PE Fund IV”), organized via a mini master-feeder
structure
with Cormorant Private Healthcare Offshore Fund IV LP, a Cayman Island exempted
limited partnership as the offshore feeder.
• Separately Managed Account: a single separately managed account (the “Account”).
Unless specifically noted otherwise, the Hedge Fund, the PE Fund, the PE Fund II, the PE Fund III, and the
PE Fund IV are each referred to in this Brochure as a “Fund” and collectively as the “Funds.” In the Brochure
sections discussing our private equity funds, we will refer to the PE Fund, the PE Fund II, the PE Fund III,
and the PE Fund IV as the “PE Funds.”
The Hedge Fund’s objective is to seek superior risk-adjusted returns with low market correlation. Cormorant
aims to accomplish this objective primarily through a combination of long investment positions and short selling
in order to achieve capital appreciation, while attempting to preserve capital and mitigate risk through hedging
activities. The Hedge Fund invests substantially, but not solely, in publicly traded equity securities in the
healthcare and life science industries. Cormorant provides discretionary investment advisory services to the
Account in accordance with the same objective and similar parameters as the Hedge Fund.
The PE Funds’ objective is to generate significant long-term capital appreciation by creating or investing in
market innovative companies in the biotechnology and life sciences marketplace (each a “Portfolio Company”
and, collectively, the “Portfolio Companies”). Cormorant expects to achieve this objective by primarily
investing in privately held early stage, later stage developmental, and “crossover” (or mezzanine) round or
pre-IPO Portfolio Companies in the biotech, medical device, diagnostics, generics, pharmaceutical, specialty
pharmaceutical, and life science research tool sectors.
Both the Hedge Fund and the PE Funds may also invest in Portfolio Companies through PIPEs (i.e., private
investment in public equity), start-up Portfolio Companies, and/or special purpose acquisition companies (i.e.,
“SPACs”), including start-ups organized, managed, and funded with Cormorant’s or its affiliates’ proprietary
capital.
Tailored Relationships
Cormorant does not tailor its advisory services to the individual needs of investors in the Advisory Clients
(each an “Investor” and, collectively, the “Investors”) and does not accept Investor imposed investment
restrictions. Investors are informed of Cormorant’s investment strategy for an Advisory Client prior to
making their investment.
When deemed appropriate, Cormorant has established, and may in the future establish, separately managed
accounts for particular investors. These accounts are subject to investment objectives, guidelines,
restrictions, fee arrangements, and other terms that are individually negotiated. These account relationships
generally involve significant account minimums.
Wrap Fee Programs
Cormorant does not participate in any wrap fee programs.
Assets Under Discretionary and Non-Discretionary Management
As of December 31, 2022, Cormorant had approximately $3,117,053,633 in regulatory assets under
management, all on a discretionary basis.