Jakarta: The Asian Development Bank (ADB) signed a $75 million equity investment in OrbiMed Asia Partners IV, LP (OAP IV), a private equity fund managed by OrbiMed Advisors LLC (OrbiMed), to enhance health care capacity, innovation, and resilience in India and the People’s Republic of China (PRC).
OAP IV is expected to provide mainly growth capital to 15 to 20 health care companies across the biopharma, medical technology, health care services, diagnostics, and distribution subsectors.
Investment sizes will typically range from $10 million to $50 million per company.
"Covid-19 has underscored the need for higher health care capacity reserves and stimulated demand for health care services and products, as well as soft and hard health infrastructure," said ADB Private Sector Investment Funds and Special Initiatives Division Director Janette Hall.
"ADB’s investment in OAP IV is expected to be catalytic in developing effective solutions and responses to global health care crises by enhancing disease detection, treatment and response capacities in the fund’s target markets," Hall said.
This is ADB’s third investment in an OrbiMed-managed health care fund, following commitments of $60 million each to OrbiMed Asia Partners II, LP in 2014 and to OrbiMed Asia Partners III, LP in 2017.
OrbiMed is a leading global healthcare investment firm, with $18 billion in assets under management across a range of private equity funds, public equity funds, and private credit/royalty funds. It invests across the healthcare industry, from start-ups to large multinational corporations. OrbiMed’s team of over 100 professionals are based in key markets around the world, with offices in New York City, San Francisco, Mumbai, Shanghai, and Hong Kong, China.