VC firm announces $300M fund for public health investments
Adjuvant Capital, a venturecapital firm in New York, will raise $300 million for an investment fund dedicated to improving global public health.
The fund’s lead backer was the Bill & Melinda Gates Foundation— with $75 million invested. Other participants include philanthropies and the pharmaceutical companies Merck and Novartis.
The concept for the fund existed before Adjuvant was even founded in 2018, said Glenn Rockman, managing partner. Rockman previously managed a life sciences fund created by JPMorgan Chase and the Gates Foundation, and its success spawned Adjuvant.
The VC firm will be looking to invest in late-stage therapeutics and medical devices that can address public health challenges, including rare diseases and widespread emergencies such as HIV and COVID-19, Rockman said. Key to its investments are binding commitments by the recipients to provide access to treatment to underserved populations in low- and middle-income countries, he said.
The fund aims to make about 25 investments, each in the range of $10 million to $20 million.
Nearly half of the $300 million has been used for investments in 14 companies, and the firm anticipates it will take about 18 months to complete its investment goals.