Newly Disclosed Managers for Harvard

Since we last profiled Harvard, new filings have included 15 additional managers that Harvard has disclosed for the first time. Some of these are likely new relationships, but could be longer-standing relationships that recently crossed the threshold for disclosure. Given the nature of the filings, we do not believe this data is available yet on other platforms.

For users, Friday’s newsletter contained the full list of the 15 newly disclosed managers. Below are 4 of those managers; all investment amounts are as of June 30, 2025:

Brightmind Partners

Clifton Management

Decheng Capital

Spruce Street

Spruce Street was founded in 2024 by Alex Rosen and Simon Basseyn. Rosen previously served as a partner at early-stage biotechnology investor Venrock, while Basseyn served as a partner at healthcare-focused private and public investor TCG Crossover Management.

Both co-founders earned their MBAs with a focus on health care management from the Wharton School and their MDs from the University of Pennsylvania School of Medicine.

Spruce Street’s AUM roughly doubled year over year through March 2026:

Spruce Street currently has 28 disclosed positions. Its top three positions as of 3/31 are clinical-stage biotech company Relmada Therapeutics, clinical-stage precision medicine company Relay Therapeutics, and biopharmaceutical company Kiniksa Pharmaceuticals, with each position worth around $40-$45 million today. Combined, those three positions make up an estimated 29% of Spruce Street’s disclosed portfolio.

Spruce Street’s best performing disclosed position to date is Erasca, a clinical-stage oncology company we previously discussed in our newsletter in early April. At the time, Erasca had recently jumped from roughly $4 per share to nearly $18 on the news of its $250 million upsized public offering and some promising clinical trials results. The stock has since dropped back down to around $12, but still represents an estimated 250% return on invested capital for Spruce Street, thanks to its timely sell of nearly 90% of its position before the stock’s dip.

Another cancer-focused clinical-stage biopharmaceutical company has done well for Spruce Street is Enliven Therapeutics. The company discovers and develops small molecule kinase inhibitors to help patients with cancer live better and for longer.

Spruce Street disclosed a $6.9 million position in Enliven at a share price of just over $15 in Q4, around the time that the company announced the hiring of a new CEO. Spruce Street then trimmed its position by roughly 25% in Q1 at a share price of around $40. As of 5/27, Enliven’s shares are trading at just over $41.

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.

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.