BVF Partners L.P.

BVF Partners provides discretionary investment management to private pooled vehicles (the BVF Funds), single-investor funds and separately managed accounts, serving investors such as high‑net‑worth individuals, family offices, funds of funds, endowments, pension plans and corporations and other entities. Compensation arrangements include negotiated management and performance-based fees (with high‑water‑mark features) and the firm also offers co‑investment opportunities labeled “Excess Capacity Investments.”

The firm pursues a value‑oriented, bottom‑up strategy concentrated in biotechnology securities, historically focusing on small‑ and mid‑capitalization companies and emphasizing scientific, pipeline and partnership analysis. Portfolios are primarily long (with limited shorting), may include unregistered or privately negotiated securities, and BVF discloses use of over‑the‑counter derivatives (e.g., swaps) and related counterparty monitoring in connection with Client accounts, including separately managed accounts.

BVF’s brochure also discloses several arrangements that bear on conflicts and liquidity: the firm may negotiate side letters and differential investor liquidity rights, allocates positions pro rata subject to certain exceptions, and discloses an indirect minority interest related to certain “Designated Investments” (with offsets against management compensation). Those detailed disclosures, along with formal policies on trade errors, proxy voting and personal trading preclearance, are notable operational features described in the firm’s filing.