Terence Karnal

Terence Karnal is a Partner and Head Equity Linked and Credit Trader at Deerfield Management, based in New York City. Joining the firm in 2010, he operates within the public structured finance team providing analytical services for a portfolio of over 200 public and private healthcare investments. Deerfield actively deploys capital across the sector, recently co-leading a $66 million Series B funding round for Actio in June 2025. Prior to his current position, Karnal served as a Partner at TORO Trading LLC, trading equity derivatives for the healthcare industry, and began his career as a volatility trader at BAM Capital LLC. He holds a Bachelor of Science in Finance and Economics from the Massachusetts Institute of Technology. His career focuses on executing complex trading strategies and structuring specialized credit vehicles within the healthcare investment landscape.