Stable Asset Management is providing a $100 million seed investment to support the launch and long-term growth of Alchemist Capital, a new biotechnology investment firm founded by Andy Tran.
New York-based Alchemist plans to invest in biotechnology companies across public and private markets.
Its strategy combines fundamental scientific research with a proprietary AI-native research and monitoring engine intended to make biotechnology investing more systematic and scalable.
The firm is targeting companies developing first-in-class or best-in-class medicines and emerging businesses that could become multi-product biotechnology platforms.
Alchemist will focus on differentiated science, potential clinical benefits, and sustainable competitive advantages.
The firm is also targeting companies using AI, computing, and data to transform drug discovery and development, along with supporting life sciences tools and technology platforms.
Tran previously helped build biotechnology investment practices at Andreessen Horowitz and Matrix Capital.
His investment experience includes Tmunity, EQRx, Erasca, Freenome, Genesis Therapeutics, Cartography Biosciences, and Maze Therapeutics.
Tran served on Maze’s board from the company’s early stages through its 2025 IPO.
Before entering investing, he studied bioengineering and computer science at Harvard and conducted CRISPR gene-editing research under Harvard Medical School professor George Church.
Stable manages approximately $5.3 billion and has supported the development of 46 alternative asset managers.
KEY QUOTES:
“Alchemist is exactly the kind of ambitious, differentiated platform Stable was built to support. Andy brings a rare combination of scientific depth, firsthand experience building biotech investment platforms, and conviction in the opportunity ahead.”
Erik Serrano Berntsen, CEO of Stable
“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.”
“Stable has helped more founders build institutions than almost anyone in asset management. That’s why we are excited to partner from day one.”
Andy Tran, Founder of Alchemist Capital
