Healthcare Royalty Management, Llc
SEC-registered
Private Fund Manager · Mid-sized ($1B–$10B)
CRD 169355
· SEC file 801-79416
· Stamford, CT
· WWW.LINKEDIN.COM
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ADV data as of Apr 20, 2026
- Regulatory AUM
- $3.8B
- Discretionary
- $3.3B
- Clients
- 13
- Avg AUM / client
- $291M
- Accounts
- 13
- Employees
- 23
AUM over time
$1.5B
$4.1B
Mar 17, 2014
Apr 20, 2026
Reported AUM from Form ADV filings, plotted by filing date · as of Apr 20, 2026
Who they serve
| Client type | Clients | AUM | % of AUM |
|---|---|---|---|
| Pooled investment vehicles (non-investment companies) | 11 | $3.5B | 93.3% |
| Insurance companies | 2 | $251M | 6.65% |
Private funds (11)
Reported in Form ADV Section 7.B.(1), filing of Mar 2024 · $6.0B combined gross assets
| Fund | Type | Domicile | Gross assets | Owners |
|---|---|---|---|---|
| Hcrx Intermediate Holdco, L.P. | Private Equity Fund | Delaware | $1.3B | 1 |
| Hcrx Holdings L.P. | Private Equity Fund | Delaware | $1.3B | 1 |
| Hcrx Investments Holdco, L.P. | Private Equity Fund | Delaware | $1.3B | 1 |
| Healthcare Royalty Partners Iv, L.P. master | Private Equity Fund | Delaware | $1.1B | 19 |
| Healthcare Royalty Partners Iii, L.P. master | Private Equity Fund | Delaware | $574M | 60 |
| Hcr Molag Fund, L.P. | Private Equity Fund | Delaware | $172M | 1 |
| Hcr Stafford Fund Ii, L.P. | Private Equity Fund | Delaware | $150M | 1 |
| Hcr Potomac Fund Ii, L.P. | Private Equity Fund | Delaware | $100M | 1 |
| Hcr Canary Fund, L.P. | Private Equity Fund | Delaware | $45.8M | 1 |
| Healthcare Royalty Partners, L.P. | Private Equity Fund | Delaware | $24.5M | 32 |
| Hcr H.O.P. Fund, L.P. | Private Equity Fund | Delaware | $9.5M | 1 |
People (5)
| Name | Role / title | Credentials | With firm since | Ownership |
|---|---|---|---|---|
| Conner, Thomas, Kreuz | Chief Accounting Officer | Apr 1992 (34y) | Less than 5% | |
| Futch, Clarke, Brannen | Chairman And Ceo | Nov 2007 (19y) | ≈ 56.25% – 100% via Vanderbilt Capital Partners, Llc | |
| Schneider, Spencer, Harris | Chief Compliance Officer And Chief Patent Counsel | Feb 2012 (15y) | Less than 5% | |
| White, Christopher, Andrew | President And Chief Financial Officer | Dec 2014 (12y) | Less than 5% | |
| Bryant, Timothy, Richard Morgan | General Counsel | May 2022 (4y) | Less than 5% |
Entity owners (Schedule A/B)
| Entity | Title / status | Since | Sch. | Ownership |
|---|---|---|---|---|
| Vanderbilt Capital Partners, Llc | Manager | Dec 2006 | A | 75% or more |
| Cowen Investment Management Llc | Member | Mar 2023 | A | 25% – 50% |
| Td Cowen | Member | Dec 2006 | B | ≈ 18.75% – 50% via Cowen Investment Management Llc |
| The Toronto Dominion Bank | Member | Mar 2023 | B | ≈ 7.91% – 50% via Td Group Us Holdings Llc |
| Toronto Dominion Holdings (U.S.A.), Inc. | Member | Mar 2023 | B | ≈ 14.06% – 50% via Td Cowen |
| Td Group Us Holdings Llc | Member | Mar 2023 | B | ≈ 10.55% – 50% via Toronto Dominion Holdings (U.S.A.), Inc. |
Estimated effective ownership (look-through of filed bands):
- Futch, Clarke, Brannen: 75% – 100% of Vanderbilt Capital Partners, Llc × 75% – 100% direct ≈ 56.25% – 100% of the firm
- Td Cowen: 75% – 100% of Cowen Investment Management Llc × 25% – 50% direct ≈ 18.75% – 50% of the firm
- The Toronto Dominion Bank: 75% – 100% of Td Group Us Holdings Llc × 75% – 100% of Toronto Dominion Holdings (U.S.A.), Inc. × 75% – 100% of Td Cowen × 75% – 100% of Cowen Investment Management Llc × 25% – 50% direct ≈ 7.91% – 50% of the firm
- Toronto Dominion Holdings (U.S.A.), Inc.: 75% – 100% of Td Cowen × 75% – 100% of Cowen Investment Management Llc × 25% – 50% direct ≈ 14.06% – 50% of the firm
- Td Group Us Holdings Llc: 75% – 100% of Toronto Dominion Holdings (U.S.A.), Inc. × 75% – 100% of Td Cowen × 75% – 100% of Cowen Investment Management Llc × 25% – 50% direct ≈ 10.55% – 50% of the firm
Roster from the IAPD representatives feed; ownership and acquisition dates from Form ADV Schedule A/B. "Since" is the earliest filed registration or acquisition date.
Private funds (11, $6.0B gross assets)
| Fund | Type | Gross assets | Min. investment | Owners |
|---|---|---|---|---|
| Hcrx Intermediate Holdco, L.P. | Private Equity Fund | $1.3B | $10.0M | 1 |
| Hcrx Holdings L.P. | Private Equity Fund | $1.3B | $10.0M | 1 |
| Hcrx Investments Holdco, L.P. | Private Equity Fund | $1.3B | $10.0M | 1 |
| Healthcare Royalty Partners Iv, L.P. | Private Equity Fund | $1.1B | $10.0M | 19 |
| Healthcare Royalty Partners Iii, L.P. | Private Equity Fund | $574M | $10.0M | 60 |
| Hcr Molag Fund, L.P. | Private Equity Fund | $172M | $10.0M | 1 |
| Hcr Stafford Fund Ii, L.P. | Private Equity Fund | $150M | $10.0M | 1 |
| Hcr Potomac Fund Ii, L.P. | Private Equity Fund | $100M | $10.0M | 1 |
| Hcr Canary Fund, L.P. | Private Equity Fund | $45.8M | $10.0M | 1 |
| Healthcare Royalty Partners, L.P. | Private Equity Fund | $24.5M | $10.0M | 32 |
| Hcr H.O.P. Fund, L.P. | Private Equity Fund | $9.5M | $10.0M | 1 |
From Form ADV Section 7.B private fund reporting.
Documents (1 archived)
| Form | Period | Size | |
|---|---|---|---|
| Form ADV (full filing) | 04/20/2026 | 3.88 MB | View · PDF · Source ↗ |
Archived copies of the firm's regulatory filings, versioned by content hash.
Disciplinary disclosures
No disciplinary events reported on the firm's latest Form ADV filing.
How they charge
- • Percentage of assets under management
- • Fixed fees
- • Performance-based fees
- • Other fees
- • CARRIED INTEREST
Services
- • Portfolio management for pooled investment vehicles
- • Portfolio management for businesses/institutional clients
Custody
Firm reports having custody of client funds or securities (Item 9.A).
No custodian data reported or mined yet.
Source
All data on this page comes from this firm's Form ADV filings, reproduced without modification. Latest filing: Apr 20, 2026.
View current Form ADV (SEC/IAPD) ↗