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, Cormorant Private
Healthcare GP IV, LLC, and Cormorant Private Healthcare GP V, LLC (each the “General Partner” and,
collectively, the “General Partners”) and Cormorant PR (as described further below). Bihua Chen fully
controls Cormorant. 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. Ms. Chen fully owns and controls
Cormorant PR. 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:
o 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;
o 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;
o 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;
o 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; and
o Cormorant Private
Healthcare Fund V, LP, a Delaware limited partnership that is a private
equity fund (the “PE Fund V”), organized via a mini master-feeder structure with
Cormorant Private Healthcare Offshore Fund V 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, in this Brochure, the Hedge Fund, the PE Fund, the PE Fund II, the PE
Fund III, the PE Fund IV, and the PE Fund V are each referred to 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, the PE Fund IV, and the PE Fund V 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 individually negotiated terms. Generally, these account
relationships 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, 2023, Cormorant had approximately $4,022,479,936 in regulatory assets under
management, all on a discretionary basis.