PFM Health Sciences

Grossman co-founded Partner Fund Management in 2004, managing its healthcare portfolio and co-managing a diversified strategy. His earlier investment-research roles were at J.P. Morgan, Pequot Capital and Andor Capital.⁠[2]

The Theranos financing involving Grossman was the 2014 C-2 round. The related investors were Partner Investments L.P., PFM Healthcare Master Fund, L.P. and PFM Healthcare Principals Fund, L.P., collectively identified as PFM in the restitution ruling.⁠[3][4]

In 2020, Grossman became the sole managing partner and the firm was renamed PFM Health Sciences.⁠[2]

On May 16, 2023, the court awarded the PFM funds $52,639,998, jointly and severally payable by Holmes and Balwani. The calculation accounted for $43,500,000 previously returned by TheranosTheranosTheranos was a blood-testing company founded in 2003 by Elizabeth Holmes and based in Palo Alto, California, which offered retail testing with Walgreens and was valued at up to $9 billion before regulatory sanctions and criminal charges over alleged fraud in its technology and financial claims led to its dissolution in 2018.Open the full entry to Partner Investments. The award therefore should not be equated with the original investment or treated as already recovered. Grossman’s trial testimony and investment records supported the court’s findings.⁠[3]