Scientists Physicians Health Care Policy Expertise The Integral Edge We seek opportunities across the healthcare space, taking a holistic view of the industry, identifying the key drivers of the investment debate in each subsegment of the industry. Scientists
Physicians
Health Care Policy Expertise The Integral Edge
Integral Health Asset Management was founded in 2019 by Jay Rao, MD, JD. We manage a healthcare focused, absolute return strategy that invests in the pharmaceutical, biotechnology, medical device and healthcare service sub-sectors of healthcare. Our strategy is designed to produce a consistent return profile over the long term, while preserving capital via low net exposure at each sub-segment, with minimal drawdowns and focused risk management.
About Our Team Jay Rao, MD, JD, Founder and Chief Investment Officer has more than 30 years of experience in the healthcare industry and 19 years in investment management. Prior to founding Integral, Jay worked as a portfolio manager at firms including Caxton Associates, Millennium and Balyasny Asset Management where he managed the same absolute return strategy he runs today. Prior to being a portfolio manager, Jay worked as a consultant at McKinsey and Company where he advised healthcare clients including major pharmaceutical and device companies, health insurers, pharmacy benefit managers, and hospitals.
Tim Chou has 17 years of investment expertise in the pharmaceutical and biotechnology sectors, including substantial experience working across multiple market-neutral investment platforms. Prior to Integral, Tim worked with Jay Rao and Paul Stephano at Balyasny Asset Management (2017-2018) as a therapeutics analyst. Prior to Balyasny, Tim was the Senior Therapeutics Associate at Citadel Global Equities (2016) and at Millennium (2015-2016), where he worked with the same portfolio manager across market-neutral platforms at both firms. From 2013-2015, Tim served in Equity Research Senior Associate roles at Jefferies (2013-2015) where he covered large-cap and SMID-cap biotechnology, including launching coverage on multiple IPO names, and at Citigroup (2009-2012), where he covered large-cap and specialty pharmaceuticals. He began his career as an Equity Research Associate at Sanford C. Bernstein (2006-2008) covering specialty pharmaceuticals. Tim earned his Bachelor’s degree in bioengineering and biomedical engineering from Columbia University.
Alex Virgilio has 17 years of experience investing in private and public stage biotechnology companies, and an additional 8 years of experience working as a scientist or in business development at such companies. Alex began his career as a medicinal chemist, first at Amgen, and then at a venture-backed startup. He then worked in venture capital at FrazierHealthcare Ventures, and later returned to Amgen to assume a business development role. At Amgen, Alex provided evaluations of numerous products and companies, several of which led to transactions. Alex transitioned to an investment role in 2007 at PFM Health Sciences (fka PFM) where he spent 12 years of his investment career (2007-2019). After retiring from PFM, Alex joined a former PFM colleague at Asymmetry Capital Management in late 2019. In early 2022, Asymmetry returned capital to investors and the entire investment team joined Balyasny Asset Management. Alex left Balyasny in September of 2022 and started with Integral in April 2023. Alex received a BS from MIT, a PhD in chemistry from the University of California at Berkeley, and an MBA from the University of Michigan.
Matt Newman has more than 15 years of experience covering healthcare investments across both the buy and sell-side. From 2007 to 2010, Matt worked at Merrill Lynch as an Investment Banking Analyst as part of their mergers and acquisitions division. From 2010 to 2018, Matt worked at Glenview Capital Management where he initially worked as a Senior Analyst before becoming a Managing Director and senior member of their investment team with primary coverage areas of healthcare services and biopharma. Most recently, Matt was a Partner and Managing Director at Tri-Locum Partners with primary responsibilities over healthcare services, medical devices, and life science tools and diagnostics. Matt earned his Bachelor’s degree in economics from The Wharton School of the University of Pennsylvania.
