OrbiMed, a US-based healthcare investment firm, has filed to raise up to $750 million for its fourth Asia-focused healthcare fund, nearly three years after it closed the predecessor fund, according to a US SEC document.
OrbiMed Asia Partners IV is likely to invest broadly across the Asian healthcare industry with a focus on growth-stage product and services-oriented companies in India and China, consistent with its predecessor funds. The third fund closed at $551 million in 2017.
The previous fund targets investments from $10 million to $75 million per company across 15 to 20 opportunities. Where appropriate, the Asia-focused fund may co-invest with OrbiMed’s global team, the company earlier said.
OrbiMed recently backed the $150-million Series F funding round in Chinese fertility services provider Jinxin. In Asia, the company has invested in 28 biopharma and healthcare technology companies in China and India.
With $13 billion in assets under management, OrbiMed invests globally across the healthcare industry, from startups to large multinational corporations. It maintains offices in New York City, San Francisco, Shanghai, Hong Kong, Mumbai, and Herzliya in Israel.
During the close of the previous fund, OrbiMed general partner Carer Nield said the Asia Partners fund reflects the company enthusiasm for the investment opportunities in China and India, which have healthcare market growth rates far superior to most developed countries.
Last month, the company announced the promotion of David Bonita to General Partner. Bonita joins OrbiMed’s six existing GPs – Neild, Sven Borho, Carl Gordon, Jonathan Silverstein, Geoffrey Hsu, and Scot Stevens.
The launch of the fund comes as the Asia Pacific region’s health tech market recorded $5 billion worth of funding across 340 deals in 2019, according to industry research Galen Growth.
In Southeast Asia, a record $266 million was poured into health tech last year, more than double what was invested before. Galen noted that Singapore and Indonesia scored the bulk of the investments.
India was the other market that saw record deal flow during the year, with $723 million in funding deployed. That was about a third higher than the year before, even though there were fewer deals.