Michelle Jordan

Michelle Fang Jordan is a Principal at Athyrium Capital Management, a New York–based healthcare investment firm with roughly $4.6 billion in committed capital that specializes in providing debt and structured capital to healthcare and life-science companies across public equity, private equity, royalties, fixed income, and other structured securities. She joined Athyrium in 2015 and has played a key role in the firm's structured credit and equity investments in specialty therapeutics and in payor- and provider-focused technology and services.

Before Athyrium, Fang Jordan was a consultant at L.E.K. Consulting, where she performed commercial due diligence and strategy engagements for healthcare companies and private equity investors — work that grounded her in the healthcare-services and biopharma subsectors she now invests in. She graduated magna cum laude from the University of Pennsylvania with a B.A. in Health and Societies (concentration in healthcare economics, minor in Biology); she had originally considered medical school before choosing a business and investing path.

At Athyrium she is responsible for the full investment lifecycle — sourcing, due diligence, deal execution, monitoring, and exit. The stub data describing her as a "Vice President / Angel Investor" reflects an earlier title and an inaccurate firm classification: she has since been promoted to Principal, and Athyrium is an institutional healthcare credit/PE firm rather than an angel or seed-stage investor. Recognized in McGuireWoods' 2023 "Up-and-Coming Women in PE to Know" series, she is a first-generation American (the daughter of immigrant parents) and was the first member of Athyrium's investment team to take maternity leave; she is an advocate for women in leadership and for diversity on portfolio-company boards and management teams.

• Invests across the full capital structure in healthcare — "Whether it's a controlling stake, a minority investment or a credit-related opportunity, the breadth of the mandate allows me to tailor our approach."
• Builds conviction through deep subsector work: "I get to dive deeply into subsectors and develop investment theses around companies in these subsectors."
• Core thesis centers on the structural shift in U.S. healthcare from fee-for-service to value-based care, especially in payor/provider services and specialty therapeutics.
• Views investing as a long-game craft: "Investing is an apprenticeship business that requires a tremendous amount of time and experience across market cycles to master."
• Active, governance-oriented ownership: "We are in a privileged position to impact our portfolio companies by making our voices heard and influencing the placement of talent in management teams and boards."