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[May 03, 2014]
ADB invests $60 million in Private Equity Fund targeting improved healthcare
(National Herald Tribune (Pakistan) Via Acquire Media NewsEdge) The Asian Development Bank (ADB) is investing up to $60 million in a new healthcare private equity fund focused exclusively on Asia.
According to press statement of the bank received here Friday, ADB's Board of Directors approved an equity investment in OrbiMed Asia Partners II, L.P, which is aiming to raise $300 million in capital to be invested in health care companies across Asia.
The fund intends to invest in companies across the healthcare sector in Asia the statement said adding the targeted sectors include pharmaceuticals, medical devices and diagnostics, hospitals and health service providers, and contract research or manufacturing companies.
The fund is managed by OrbiMed Advisers LLC, a leading global investment firm dedicated to the healthcare sector, with approximately $10 billion of assets under management.
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