OrbiMed targets $300m for second Asia healthcare fund
Healthcare-focused private equity firm OrbiMed Advisors is targeting $300 million for its second Asia fund. The PE firm raised $188 million for its debut regional vehicle in 2008.
Documents for OrbiMed Asia Partners II were filed with the US Securities and Exchange Commission (SEC) on August 15, but Samuel Isaly, OrbiMed's founder and managing partner, offered insight into its plans earlier this year. He indicated that Fund II would be more than double the size of its predecessor, with up to 65% of the capital to be deployed in India.
About 40% of the first fund was invested in Indian companies, including bio-pharma specialist Bharat Serums and Vaccines, clinical trials provider Ecron Acunova, hospital chain KIMS India, drug developer Shasun Pharmaceuticals and neonatal and pediatric hospital chain Surya.
Six of the 12 companies currently in the Fund I portfolio are based in China - ranging from invisible orthodontics manufacturer EA to medical imaging specialist Whale Imaging - and another is in South Korea.
Most of OrbiMed Asia Partners' investments are worth $5-25 million, but Fund II is expected to step up into the $30-35 million bracket.
OrbiMed started out in 1989 as a public equities investor, moving into private equity four years later. It expanded into Asia in 2007, opening offices in Mumbai and Shanghai, and entered the Middle East in 2010. Two years ago, the firm launched a dedicated fund focusing on healthcare royalty streams.
OrbiMed has approximately $7 billion under management globally across public and private investments.
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