OrbiMed, a US-based life sciences investment firm, has announced raising more than $4.3 billion in commitments for its latest private investment funds, which include its fifth Asia-focused healthcare vehicle OrbiMed Asia Partners V.
OrbiMed, which has more than $17 billion in assets under management, did not specify how much it raised for each of the three funds but said the total money raised was for OrbiMed Asia Partners V, OrbiMed Private Investments IX, and OrbiMed Royalty & Credit Opportunities IV.
The fifth Asia-focused healthcare fund was closed more than two years after the predecessor vehicle garnered $800 million in commitments, surpassing its $750 million target.
OrbiMed’s Asia-focused healthcare fund invests primarily in China and India, from venture capital through the growth stage, across biotechnology, pharmaceuticals, medical devices, diagnostics, and healthcare services sectors.
The company earlier said the Asia-focused fund targets investments from $10-100 million in approximately 20-25 healthcare companies. The third Asia fund closed at $551 million in 2017. Prior to that, OrbiMed raised $325 million for its second Asia fund, while its first fund was worth $185 million.
OrbiMed also raised $1.5 billion for OrbiMed Private Investments VIII and $1.2 billion for OrbiMed Royalty & Credit Opportunities III in 2021.
For the three new funds, OrbiMed said investors include a broad range of medical institutions, university endowments, foundations, pension funds, sovereign wealth funds, and family offices.
DealStreetAsia reported in August 2022 that the Asian Development Bank signed a $60-million equity investment in OrbiMed Asia Partners V.
Consistent with their predecessors, these new funds enable OrbiMed to invest globally, from the seed stage for start-ups incubated by OrbiMed through growth capital opportunities, per the announcement.
“OrbiMed is deeply appreciative of the continued support we’ve received from many long-standing partners who’ve invested in these funds. We will endeavor to meet our partners’ high expectations in the coming years,” said OrbiMed managing partner Carter Neild.
Established in n 1989, OrbiMed launched its office in China in 2007, months before the collapse of Lehman Brothers brought down the world’s financial system. It forayed into India in 2008 and subsequently into Israel in 2010.
Its team of more than 130 professionals is based in New York City; London; San Francisco; Shanghai; Hong Kong; Mumbai, India; Herzliya, Israel; and other key global markets.
The firm recently participated in the $60-million Series B funding round of Sirius Therapeutics and co-anchored the $32-million Series A financing round of biotech firm Epigenic Therapeutics, both based in China.
