New Leaf Biopharma Opportunities II, L.P.
New Leaf Venture Partners · adviser of record: New Leaf Venture Partners LLC · 2018 vintage
New Leaf Biopharma Opportunities II, L.P. is a 2018 venture fund managed by New Leaf Venture Partners, with $200mm raised (Form D, amount sold). It reported $121mm in gross assets at year-end 2025, 0.60x its size, against a peak of $156mm in 2021.
- Latest value held
- $121mm year-end 2025
- Peak
- $156mm year-end 2021
- Fund size
- $200mm Form D, amount sold
- Held vs. size
- 0.60x peak 0.78x
Value held by year-end
Gross asset value reported on Form ADV at each year-end. Dashed line: fund size. Open in the Fund Tracker
| Year-end | Gross assets | ÷ size | Change |
|---|---|---|---|
| 2025 | $121mm | 0.60x | -7% over 2 yrs |
| 2023 | $130mm | 0.65x | +1% |
| 2022 | $129mm | 0.64x | -17% |
| 2021 | $156mm | 0.78x | +3% |
| 2020 | $152mm | 0.76x | +16% |
| 2019 | $132mm | 0.66x | +28% |
| 2018 | $103mm | 0.51x | – |
What public pensions report
| Investor | As of | Commitment | Cash back (DPI) | Total (TVPI) | Still held |
|---|---|---|---|---|---|
| Michigan SMIB | 2025-12-31 | – | – | – | $98.5mm |
Latest report from each pension, as multiples of paid-in capital. Michigan reports dollar value held, shown under Still held.
Other funds from New Leaf Venture Partners
- NLV-II SPV-2, L.P. 2023
- NLV-II SPV-1, L.P. 2023
- NLV CO-Invest III, LLC 2021
- NLV CO-Invest II, LLC 2020
- New Leaf Ventures IV, L.P. 2018
- New Leaf Ventures III, L.P. 2013
- New Leaf Biopharma Opportunities I, L.P. 2013
- NLV Partners CO-Invest I, LLC 2013
- New Leaf Ventures II, L.P. 2011
- New Leaf Ventures I, L.P. 2011
All New Leaf Venture Partners funds
About these numbers
Gross asset value is what the manager reports holding in the fund at each fiscal year-end, on SEC Form ADV, Schedule D. It includes the GP’s own commitment and is before carried interest, so it is not the LPs’ net return, and it does not show cash already distributed. A fall in value can mean distributions, markdowns or both. Fund size is the amount sold reported on Form D, which for some funds reflects only a first close. Private fund ID 805-5167036455. Data updated October 13, 2026.
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