Dementia Discovery Fund (DDF)

Overview

The Dementia Discovery Fund (DDF) is a specialist venture capital fund managed by SV Health Investors that invests exclusively in companies developing or enabling novel therapeutics for dementia, including Alzheimer's disease.¹² Incorporated in 2015, it has raised over $600 million across two funds (DDF-1 and DDF-2), built a portfolio of around 20 companies, and focuses on early-stage biotech from pre-seed to Series A stages.¹²⁴

History

DDF was incorporated in 2015 following UK Prime Minister David Cameron's pledge for dementia research, with SV Health Investors selected to manage the fund and Kate Bingham as managing partner.⁵⁶ DDF-1 reached a final close of £250 million ($350 million) in 2018, exceeding its original target.²⁶ DDF-2 closed at $269 million in May 2025, bringing total commitments over $550-600 million, and has supported investments like a GBP 50M Series B in NRG Therapeutics in September 2025.¹⁴ Key milestones include nurturing 19-20 companies, over 50-60 programmes, and exits such as Caraway Therapeutics acquired by Merck.¹⁴⁷

Notable Products

• DDF-1 - First fund closed at £250 million ($350 million) in 2018, investing in novel dementia therapeutics.
• DDF-2 - Second fund closed at $269 million in May 2025, targeting 10-15 early-stage biotech companies.
• NRG Therapeutics investment - Led GBP 50M Series B in September 2025 for dementia therapeutics.
• Caraway Therapeutics - Portfolio company acquired by Merck, demonstrating successful exit.

Reputation

DDF is recognized as the first and largest dementia-focused VC fund, praised for building companies, advancing over 60 programmes, and achieving exits amid growing momentum in dementia drug development.¹²⁴ Professionals note its dual mandate of scientific impact and financial returns, supported by pharmaceutical networks.¹³ No major criticisms identified in available sources.¹²