Patient Square Capital LP

2. Key Holdings

The portfolio is dominated by a single, overwhelming position: Roivant Sciences Ltd, which comprises 67.65% of the total portfolio value ($188.82M). This level of concentration suggests that Patient Square Capital is either closely affiliated with Roivant or maintains an unshakeable long-term thesis on the company's multi-asset biopharmaceutical model.

Outside of the dominant Roivant position, the remainder of the portfolio is composed of small to mid-cap biotechnology firms, none of which exceed 5.2% of the total portfolio. The second-largest holding, Eyepoint Pharmaceuticals Inc, represents 5.16% ($14.41M), followed by ABIVAX SA (ABVX) at 4.62% ($12.89M). The top 10 holdings range from roughly 1.5% to 5.2%, indicating that while the fund is diversified by name count in the tail, these positions are generally sized similarly, suggesting a diversified bet on the broader biotech sector rather than strong conviction in any single secondary name.