Healthcare-focussed private equity firm OrbiMed, a backer of reproductive diagnostic solutions provider LifeCell and ayurvedic products brand Kapiva, has raised $4.3 billion to invest in healthcare and life sciences companies.
OrbiMed has raised the total corpus across three separate funds: OrbiMed Private Investments IX, OrbiMed Asia Partners V and OrbiMed Royalty & Credit Opportunities IV.
Investors in these new funds include a broad range of medical institutions, university endowments, foundations, pension funds, sovereign wealth funds and family offices, OrbiMed said in a statement.
“OrbiMed is deeply appreciative of the continued support we’ve received from many long-standing partners who’ve invested in these funds,” said Carter Neild, managing partner at OrbiMed.
OrbiMed will invest in India via the OrbiMed Asia Partners V fund.
In India, the firm has previously invested in diagnostic chain in eastern India Suraksha Diagnostic, super-specialty hospital Asian Institute of Medical Sciences, manufacturer of dental restorations Laxmi Dental Export Pvt. Ltd, pharmaceutical firm Eurolife Healthcare and hospital chain Kerala Institute of Medical Sciences.
OrbiMed didn’t give a breakup of the amount it raised for the three funds. But the PE firm’s filings with the US Securities and Exchange Commission (SEC) show that the fifth Asia fund had a target corpus of $1.1 billion and had raised $650 million by last year. The PE firm’s fourth Asia vehicle had raised $800 million.
SEC filings show also that OrbiMed Royalty & Credit Opportunities IV had a target of $1.75 billion while OrbiMed Private Investments IX, which strikes venture capital transactions, aimed to raise $1.9 billion.
In total, OrbiMed was looking to raise $4.7 billion across the three new funds, up from $3.5 billion it had raised last year for the predecessors of these three vehicles.
OrbiMed said the new funds will enable it to invest in seed-stage startups it incubates as well as in growth-stage opportunities across the globe.
The PE firm primarily invests in healthcare segments such as biopharmaceuticals, medical devices, diagnostics and technology-enabled healthcare services. It provides several financing solutions to its portfolio companies, including equity capital, credit and royalty-based financing.
At present, OrbiMed has 21 partners, and a team of 130 professionals across company incubation, strategy, operations and finance. It has operations in a dozen global locations across North America, Europe and Asia.
OrbiMed currently has more than $17 billion in assets under management. It invests globally across the healthcare industry through a range of private equity funds, public equity funds and royalty/credit funds.
