A Look at Fast Growing Managers in OWL

New Form ADV filings show who grew the most over the past year

April 14, 2026

Early April is an exciting time at OWL with an influx of new ADVs, which most managers file by 3/31 for the prior fiscal year. This week, our team sifted through the data to find some interesting trends on which firms are growing (or shrinking) the most.

 

The table below shows the AUM changes of our “OWL Groups” – curated lists of over 500 managers frequently found in leading allocators’ portfolios. These lists are categorized by geography, sector, and style, enabling our users to easily monitor groups of managers and their underlying disclosed holdings.

 

As a reminder, these are selections of managers, not exhaustive lists of every manager of each type, so it’s the relative changes that we find most valuable to focus on. AUM in Form ADVs is also defined as “Regulatory AUM,” which can result in increased numbers for managers that use leverage. The majority of managers file annual Form ADVs in March, and AUM is typically as of 12/31 of the prior year.

 

 

Within our OWL groups, multiple managers achieved triple-digit growth in their AUM, primarily in the Biotech, Tiger Cub, and VC groups.

 

 

In Friday’s newsletter, OWL Users received a list of the top 25 managers with the largest AUM growth across all of our groups and a full list of the AUM changes of the 40+ managers in our Biotech group.

 

Paradigm Biocapital 

 

One fast-growing manager is Paradigm Biocapital, a healthcare and therapeutics-focused hedge fund based in New York City. The manager’s regulatory AUM has grown rapidly since its founding in 2020, starting with $129 million after its first year and reaching $4.5 billion as of its latest Form ADV in March of this year.

 

 

Paradigm’s funds have raised approximately $1.5 billion since inception, accounting for just over one-third of its total AUM.

 

Founded by Senai Asefaw, a former director at Avoro/venBio, Paradigm is backed by well-known LPs including Duke and UTIMCO. The manager typically discloses 25 to 35 positions at a time and currently has 29 disclosed public positions, four of which have generated triple-digit estimated returns, as seen by OWL’s “Batting Average” chart below:

 

 

Erasca, a clinical-stage precision oncology company, is currently Paradigm’s fourth largest position at $257 million. We estimate that Paradigm has generated roughly $220 million in profits from that position to date.

 

Erasca IPO’d at $15 per share in July 2021 and initially surged through September before beginning a downturn that would last through Summer 2022 attributed to its rising R&D spending and underwhelming performance of its RAS/MAPK-focused cancer therapies. The company saw a small jump in July 2022 on the news of its new clinical partnerships with Eli Lilly, Harvard Medical School and MD Anderson Cancer Center before returning to its downward trend by September.

 

Paradigm initiated a position in the company two years later in July 2024 and proceeded to add to its position seven more times through January 2026, culminating in a current ownership stake of 5.3%.

 

 

Paradigm timed its purchases well, continuing to add to its position prior to the stock’s mid-January jump on the news of its $250 million upsized public offering and promising early results of its ERAS-0015 clinical trials. Arch Venture Partners, a16z, and Suvretta Capital also disclose meaningful ownership stakes in Erasca, with Arch and a16z both investing through the private markets going back to its 2019 Series A round.

  

As a reminder, OWL now includes private holdings with details on round size, fundraising history and co-investors. Paradigm has invested in the late-stage venture rounds of at least three companies, most recently in the $53 million Series C round of biotech research firm 35Pharma alongside Marshall Wace, Vivo and other investors.

 

 

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About Old Well Labs

OWL is an intelligence platform built for allocators, by allocators. Leading endowments, foundations, and family offices use the system to find, monitor, and connect with thousands of fund managers globally. OWL's analytics engine has collected over one billion data points from 65 countries. We make it easy for allocators to find and track information about the managers they care about – not just positions but also performance analytics, people data, business information, and details about the manager investments of other allocators.

Disclaimers

Returns represent the return on invested capital of publicly disclosed long positions, as calculated by OWL. Actual returns may vary based on a number of factors, including (but not limited to) undisclosed positions, short exposure, non-equity holdings, cash holdings, and lagged disclosure of positions.

This newsletter and the material on the Old Well Labs platform are for informational purposes only and should not be considered investment advice or a recommendation of any particular security, manager, or strategy. Certain investment managers, funds, or limited partners (“LPs”) referenced herein may be current or prospective clients of Old Well Labs, and Old Well Labs may have business relationships with such parties. Accordingly, references to any manager, fund, or LP should not be construed as an endorsement, recommendation, or solicitation. Old Well Labs shall not be liable for any investment gain or loss that may occur from the use of this material. No part of this material may be reproduced in any form or used in any publication without express written permission from Old Well Labs.