Armistice Capital

Armistice Capital LLC is a New York-based hedge fund founded by Steven Boyd, known for its global, value-oriented, and event-driven investment strategy. Unlike traditional venture capital firms, Armistice Capital primarily focuses on public equity markets, employing a long/short strategy with a strong emphasis on the healthcare and consumer sectors. The firm is recognized for taking concentrated, often activist, positions in publicly traded companies, aiming to unlock value through strategic engagement and market opportunities.

The firm's investment approach involves deep fundamental research to identify undervalued companies or those undergoing significant corporate events. Armistice Capital's portfolio, as reported in its Q4 2023 13F filing, had a market value of approximately $1.9 billion, indicating its substantial presence in the public markets. They are known for making significant, high-conviction bets; for instance, individual positions in their portfolio can frequently exceed $100 million, reflecting their capacity to deploy substantial capital into specific companies.

Given its structure as a hedge fund, Armistice Capital's investment activities differ significantly from those of venture capital or private equity firms. They do not typically issue "first cheques" into early-stage private companies in the manner of a VC fund. While hedge funds may occasionally participate in private investment in public equity (PIPE) deals or late-stage private rounds, these are not their primary mode of operation, and a consistent range for such "first cheques" is not applicable or publicly disclosed. Their core business revolves around trading and holding stakes in publicly listed entities.