Stable Asset Management (“Stable”), one of the largest and most-tenured GP stake builders focused on GP seed and acceleration investing, today announced a $100 million seed investment to support the launch of Alchemist Capital (“Alchemist”), a newly established New York-based biotechnology investment firm founded by Andy Tran.
As one of the industry leaders in GP stake building, Stable has spent two decades identifying and partnering with the alternative asset managers of the future to accelerate growth across private equity, private credit, and absolute return strategies. The firm provides long-term, flexible capital, alongside in-house value creation support across talent acquisition, capital formation, and operations.
Alchemist was established to identify and back next-generation biotechnology companies across public and private markets. The firm pairs deep fundamental research with a proprietary, AI-native research and monitoring engine designed to industrialize the fundamental biotech research process and support a more systematic, repeatable, and scalable approach to biotechnology investing.
Alchemist invests in companies developing first-in-class or best-in-class medicines and emerging category winners with the potential to build enduring, multi-product businesses. The firm focuses on differentiated science, compelling clinical benefits, and lasting competitive advantages. The firm also sees significant opportunity in a new generation of companies using frontier AI, computation, and data to change how medicines are discovered and developed, including the platforms and life science tools that make those advances possible. Alchemist believes this convergence is turning biology into an engineering discipline and will help define how the leading biotech companies of the next decade are built and valued.
“Alchemist is exactly the kind of ambitious, differentiated platform Stable was built to support,” said Erik Serrano Berntsen, Chief Executive Officer of Stable. “Andy brings a rare combination of scientific depth, firsthand experience building biotech investment platforms, and conviction in the opportunity ahead. His approach pairs rigorous fundamental investing with purpose-built technology to help identify the companies poised to shape the next era of medicine. We’re proud to partner with Andy as he builds Alchemist into an enduring franchise and the biotechnology companies it supports.”
Tran has built his career at the intersection of biomedicine, AI, 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, a pioneer of genetic medicine.
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. His experience includes investments in Tmunity, EQRx, Erasca, Freenome, Genesis Therapeutics, Cartography Biosciences, and Maze Therapeutics, where he served on the board from its early stages through the company’s IPO in 2025.
“Andy was in the boardrooms of an early generation of companies applying AI and engineering to biology, working alongside founders as they built platforms and advanced programs. That experience gave him firsthand insight into where technology creates a scientific advantage and what it takes to translate that advantage into valuable medicines and enduring businesses,” added Serrano Berntsen.
“Throughout my career building biotech investment franchises across private and public markets, I saw a clear opportunity to bring greater discipline to how the industry identifies, monitors, and underwrites the companies defining the next decade of medicine,” said Tran. “We established Alchemist to combine deep scientific and medical understanding with purpose-built computational infrastructure, giving us a more comprehensive diligence process and a clearer view of how new evidence changes an investment thesis. The engine doesn’t replace the fundamental work. It supercharges it, cutting through noise and allowing us to focus on investment judgment.”
The partnership builds on Stable’s long track record of supporting GP founders with flexible capital and operational resources as they establish and scale institutional investment firms. Since inception, Stable has supported the growth of 46 alternative asset managers globally.
“Stable has helped more founders build institutions than almost anyone in asset management. That’s why we are excited to partner from day one,” added Tran.
About Stable
Stable is one of the largest and most-tenured alternative asset manager builders globally. Founded in 2006, the firm manages approximately US$5.3 billion in assets under management and has supported the growth of 46 investment firms across private markets and absolute return strategies. Stable partner firms collectively manage US$31 billion in assets under management. With offices in New York, London, and Palm Beach, the firm partners with GP founders to seed and accelerate investment firms who appreciate that delivering extraordinary performance requires building a great organization. With a partnership-oriented approach, Stable’s capital and operational expertise enables growing asset managers to focus on investing. Stable investors include leading sovereign wealth funds, sovereign pension funds, US pension plans, endowments, foundations, and family offices. For more information on Stable, please visit: https://www.stableam.com/.
About Alchemist Capital
Alchemist Capital is a New York-based biotechnology investment firm focused on identifying and backing the next generation of biotech franchises across public and private markets. Founded in 2026, the firm pairs deep fundamental research with a proprietary AI-native engine to industrialize the biotech research process. Its approach brings together scientific and medical expertise, investment judgment, and computational infrastructure to make biotechnology investing more systematic, repeatable, and scalable. Alchemist focuses on companies advancing breakthrough medicines and emerging category winners with the potential to build enduring, multi-product businesses. The firm also sees significant opportunity in a new generation of companies using frontier AI, computation, and data to change how medicines are discovered and developed, including the platforms and tools that make those advances possible.
View source version on businesswire.com: https://www.businesswire.com/news/home/20261006174136/en/
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