Atlas Healthcare Fund by VST Capital Entered ...

New York, United States, July 15th, 2026, FinanceWire

Atlas Healthcare Fund managed by VST Capital, today highlighted a series of early conviction investment decisions that have defined its track record since launch — none more striking than its position in Eli Lilly and Company, entered at approximately $350 per share in 2020, years before GLP-1 receptor agonists became the most consequential pharmaceutical story of the decade. Eli Lilly now trades above $1,200, a gain of more than 246% from the fund's entry point.

At the time of purchase, Lilly's tirzepatide was in Phase II trials with limited analyst coverage and minimal institutional positioning. VST Capital's investment team had read the data, understood the mechanism, and build the position quietly. The market caught up years later.

"We did not buy Eli Lilly because of a price target," said Dr. Sarah Morie, Co-Founder and Chief Investment Officer of Atlas Healthcare Fund. "We bought it because our team had read the Phase II data and believed tirzepatide was a genuinely differentiated asset in a disease area that mainstream medicine had chronically underestimated."

A Pattern of Early Conviction

The Eli Lilly call was not isolated. Alnylam Pharmaceuticals was entered at approximately $110 in 2020, when RNA interference was considered a niche platform with limited commercial application. It reached $491 in October 2025 — a gain of more than 346% from the fund's entry price — before the broader market had fully understood what the RNAi platform was capable of.

TransMedics Group was identified in 2020 when the company's organ care platform was largely unknown outside specialist transplant medicine. Entered at approximately $18, the position returned more than 275% from cost as the platform transformed the standard of care for organ transplantation and revenue scaled accordingly.

Inari Medical was entered following the company's 2020 IPO, when VST Capital's clinical team identified its thrombectomy device as structurally superior to existing treatment options for venous thromboembolism. The position generated a realised gain of more than 250% when Stryker acquired the company in April 2025 at a significant premium — a validation, in the fund's view, of exactly what its clinical assessment had concluded five years earlier.

In each case the investment originated not from a financial screen but from a clinical question: is this technology genuinely better than what exists, and does the market understand that yet?

The Track Record

Since inception in January 2020, Atlas Healthcare Fund has delivered a cumulative net return of +1,720.9% through December 2025, averaging more than 57% annually across six full calendar years. The fund is managed by VST Capital and manages approximately $193 million across 38 concentrated positions. Minimum investment is $5,000. No management fee is charged.

About VST Capital

VST Capital is a New York-based investment management firm and the managing entity of Atlas Healthcare Fund. The firm was founded with the conviction that deep clinical and scientific expertise creates durable, repeatable investment advantages in the healthcare sector that generalist investors cannot replicate.

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