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Healthcare investor OrbiMed raises Asia private equity fund, overshoots target
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Healthcare investment firm OrbiMed has raised its fourth Asia private equity fund primarily focused on China and India, overshooting the target corpus. 

OrbiMed Asia Partners IV has raised $800 million (Rs 5,876 crore), it said in a statement. That’s more than the $750 million target, going by a filing last year.

The investment firm has also got $1.5 billion for OrbiMed Private Investments VIII and $1.2 billion for OrbiMed Royalty & Credit Opportunities III.

The Asia fund will invest across biotechnology, pharmaceuticals, medical devices, diagnostics, and healthcare services. It aims to typically bet $10-100 million on companies across venture capital and growth stages. The fund plans to make 20 investments in total.

OrbiMed said in the statement that the Limited Partners (LPs) in the three funds it raised include medical institutions, university endowments, foundations, pension funds and sovereign wealth funds.

Last month, Asian Development Bank (ADB) said that it had signed a $75 million (around Rs 550 crore) equity investment in OrbiMed Asia Partners IV.

With the new funds, OrbiMed's assets under management has increased to around $18 billion across public equity, private equity and credit/royalty strategies.

In India, the investment firm has been silent on the investment front for more than a year.

Its last-known investment in the country was a 2019 bet on Advanced Enzyme Technologies Ltd.

In 2018, OrbiMed invested in Entero Healthcare Solutions Pvt. Ltd, a pharmaceutical company co-founded by a former chief executive of drugmaker Alkem Laboratories Ltd. 

It also ploughed $42.5 million (Rs 276.7 crore) in the bulk-drugs unit of Vivimed Labs Ltd that year.

OrbiMed’s other portfolio companies in India include Suraksha Diagnostic, Laxmi Dental Export Pvt. Ltd, pharmaceuticals firm Eurolife Healthcare and hospital chain Kerala Institute of Medical Sciences.

In June 2018, the investment firm exited Surya Children’s Medicare Pvt. Ltd after mid-market private equity firm SeaLink Capital Partners came in as a new investor in the mother and child-care company.

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