Analysis
Reed Jobs's venture firm Yosemite has closed its second fund at $350 million, up from a $200 million first close in January, Jobs told Fortune's Term Sheet on November 4.
What Yosemite does
Jobs, the son of Steve Jobs and Laurene Powell Jobs, started working in cancer labs as a teenager after his father's illness and founded Yosemite in 2023, spinning the firm out of Powell Jobs's Emerson Collective. Yosemite runs a dual structure: a for-profit venture fund that invests early in cancer-focused startups and takes sizable stakes toward an exit, paired with a donor-advised fund that makes philanthropic grants to test scientific ideas cheaply before Yosemite commits venture capital to them.
"With philanthropy, we can fail really cheaply," Jobs said. The firm's explicit goal, in Jobs's words, is to make cancer "non-lethal" using the trajectory of HIV/AIDS treatment as a model, rather than chasing an outright cure: "I don't think a company alone is going to make cancer non-lethal," he said.
“Jobs has not disclosed Fund II's target size beyond the $350 million close, nor the fund's investment period or typical check size.”
Yosemite's funding history
Yosemite's debut fund closed in 2024 at $263 million.
Its second fund opened with a $200 million first close in January 2026 and has now reached a final close of $350 million, a jump Fortune's Term Sheet described as a "serious jump" from the January mark. Jobs has not disclosed Fund II's target size beyond the $350 million close, nor the fund's investment period or typical check size.
Who backs Yosemite
Yosemite's limited partners include Amgen, AbbVie, MIT, Memorial Sloan Kettering and venture investor John Doerr, according to Fortune; MIT, Memorial Sloan Kettering and Doerr were already LPs as of Yosemite's earlier fundraising. No lead LP or check size has been disclosed for any backer. Fund I's publicly named portfolio includes Chai Discovery, Teal Health, Tune Therapeutics and Sage Care. Pulse tracks fund closes like this one in its funding tracker.
Cancer VC market and comparable deals
Venture investors have put more than $9 billion into venture-backed biotech so far in 2026 across the broader field Yosemite's grants and investments touch, with roughly $3.9 billion of that flowing specifically to immune and cancer drugmakers, according to BioPharma Dive.
Within that same BioPharma Dive report, Parabilis Medicine raised a $305 million Series F for its oncology portfolio.
Parabilis went on to bank $670 million in its June public debut, also per BioPharma Dive, a scale of outcome Yosemite's LPs will be watching for from its own portfolio. Isomorphic Labs, the AI drug-discovery company, separately drew $2.1 billion per that same report, underscoring how much 2026 biotech capital is now AI-adjacent rather than purely clinical-stage, a contrast to Yosemite's clinical- and grant-first approach.
What to watch next
Jobs has run Yosemite for just under three years, a short track record by venture standards, and neither Fund I nor Fund II has yet produced a disclosed exit. The clearest test of the thesis will be whether Fund I's four named companies, or new bets from Fund II, produce a Parabilis-scale outcome, and whether the grant-funded science Yosemite underwrites philanthropically actually converts into fundable startups rather than staying academic research. Jobs has not set a timeline for when LPs should expect the first realized return from either fund.