OrbiMed raises $4.3b for global, Asia funds
Healthcare investor OrbiMed has raised USD 4.3bn for its latest set of global funds, including its fifth Asia-focused vehicle.
The US-headquartered firm, which claims more than USD 17bn in assets under management, announced final closes for OrbiMed Private Investments IX, OrbiMed Asia Partners V, and OrbiMed Royalty & Credit Opportunities IV. They enable the firm to participate in seed rounds for start-ups through growth capital deals.
Specific fund sizes were not disclosed. The first filing for the Asia vehicle was made in April 2022 and gave a target of USD 1.1bn. A second filing six months later disclosed that USD 651.9m had been raised from 68 investors. These filings do not necessarily indicate the full extent of a fundraise.
LPs include medical institutions, university endowments, foundations, pension funds, sovereign wealth funds, and family offices, according to a statement.
OrbiMed Asia Partners IV closed on USD 800m in March 2021. The plan was to back 20 companies, making deployments of USD 10m-USD 100m, focusing on biotechnology, pharmaceuticals, medical devices, diagnostics, and healthcare services. OrbiMed raised USD 188m for its debut Asia fund in 2008 and scaled up to USD 325m and USD 551m in the next two vintages.
The firm announced the final close on Fund IV alongside those of is eighth North America and Europe-focused vehicle and a credit and royalty vehicle, which secured USD 1.5bn and USD 1.2bn, respectively.
OrbiMed’s Asia portfolio features Insilico Medicine, InventisBio, Epigenic Therapeutics, Harvest Integrated Research Organisation (HIRO), Aige Hospital, and Gracell Biotechnologies in China, and Kapiva, Marksans Pharma, and Netmeds in India.
The firm has seven offices globally, including bases in Hong Kong, Shanghai, and Mumbai. The team numbers more than 130 under the leadership of 21 partners. The three Asia-based partners are Steven Wang, David Wang, and Sunny Sharma.
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