Novo Ventures is an early- to late-stage venture investor, part of Novo Holdings. Novo Holdings is the holding company of Novo Nordisk. We at the holding company level have about $75 billion of assets under management (AUM), of which 13 billion is dedicated to sort of specific direct life science investments. We are ourselves owned by the Novo Nordisk Foundation, which is one of the top life science foundations globally. It’s bigger than the Gates Foundation and bigger than the Wellcome Trust. Our mandate at Novo Holdings is to generate for-profit activity and returns, which then can be invested in the not-for-profit by Novo Nordisk Foundation towards a very significant life science grant giving activities. They run between half a billion and a billion dollars of grant giving every year, as well as impact and social impact investing. Within Novo Ventures, we have one of the oldest teams within Novo Holdings that has been investing in life sciences. We started about 20 years ago, and these days we’re investing between $400 to $500 million annually in life sciences. It makes us one of the top, most impactful investors in life sciences. We were investing principally in Europe and the United States and we’ve now just started activity in Asia as well. In terms of the scope of the investments, we do both private investing and public investing. It makes it a little bit unusual compared to normal venture capital groups, because we have both activities within our team. There are different partners who focus on different aspects there, but we have four offices, one in Copenhagen, one in London, one in Boston and one in San Francisco.
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