Stable Asset Management announced a $100 million seed investment to support the launch of Alchemist Capital, a new biotechnology investment firm based in New York. Founded by Andy Tran, Alchemist will invest in next-generation biotechnology companies across both public and private markets. The firm combines deep fundamental research with a proprietary AI-native engine to make biotech investing more systematic, repeatable, and scalable.
Stable's Strategic Commitment
Stable is one of the largest and most tenured GP stake builders focused on seed and acceleration investing. The firm has spent two decades identifying and partnering with alternative asset managers of the future across private equity, private credit, and absolute return strategies. Through this partnership, Stable provides long-term flexible capital as well as in-house value creation support across talent acquisition, capital formation, and operations.
An Experienced Founder
Andy Tran has built his career at the intersection of biomedicine, artificial intelligence, and investing. He trained in bioengineering and computer science at Harvard and conducted CRISPR gene-editing research under Professor George Church of Harvard Medical School. Prior to founding Alchemist, Tran helped launch and scale biotechnology investment platforms at Andreessen Horowitz and Matrix Capital, investing across the lifecycle of biotechnology companies.
Differentiated Investment Strategy
Alchemist was established to identify and back next-generation biotechnology companies, focusing on differentiated science, compelling clinical benefits, and lasting competitive advantages. The firm invests in companies developing first-in-class or best-in-class medicines and emerging category winners that have the potential to build enduring multi-product businesses. It also targets companies using frontier AI, computation, and data to change how medicines are discovered and developed, including enabling platforms and life science tools.
Technology Platform and Market Opportunity
Alchemist pairs deep scientific and medical understanding with purpose-built computational infrastructure to support a more comprehensive diligence process. The proprietary AI-native research and monitoring engine is designed to industrialize the fundamental biotech research process. Tran noted that the technology does not replace fundamental work but supercharges it by cutting through noise and allowing the team to focus on investment judgment.
About Stable and Alchemist
Stable manages approximately US$5.3 billion in assets under management and has supported the growth of 46 alternative asset managers globally. Since inception, the firm has backed investment firms across private markets and absolute return strategies, with partner firms collectively managing US$31 billion in assets under management. Alchemist Capital, founded in 2026, is headquartered in New York and focuses on identifying biotech franchises across public and private markets.
Leadership Commentary
Erik Serrano Berntsen, Chief Executive Officer of Stable, described Alchemist as exactly the kind of ambitious and differentiated platform Stable was built to support. He highlighted Tran's combination of scientific depth, firsthand experience building biotech investment platforms, and conviction in the opportunity ahead. Tran added that Stable has helped more founders build institutions than almost anyone in asset management, which is why he was excited to partner from day one.
The US$100 million seed investment gives Alchemist substantial resources to build a technology-enabled investment franchise in biotechnology. The partnership reflects Stable's ongoing strategy of providing capital and operational expertise to experienced founders launching specialized asset managers. Alchemist's launch underscores a broader shift toward data-driven and AI-enabled investing in the life sciences sector.