With OrbiMed’s largest ever Asian fund and TCG Crossover’s latest acquisition vehicle, investors see opportunities in the region’s healthcare sector. 

The attraction of healthcare in Asia has never been clearer, with two investment firms raising significant funds to invest in healthcare growth equity and venture capital. 

US-based global healthcare investment firm OrbiMed raised $3 billion in commitments for two new private equity funds: OrbiMed Private Investments X and OrbiMed Asia Partners VI. Of that, OrbiMed Asia Partners VI raised $1.1 billion – its largest fund ever – to invest in healthcare growth equity and venture capital opportunities across Asia to build leading healthcare companies focused on biopharmaceuticals, medical devices, diagnostics and technology-enabled healthcare services.

It is the firm’s sixth Asian fund and significantly higher than the $751 million it raised for its fifth fund. 

“There has never been a more exciting time to invest in life sciences innovation,” said Carl Gordon, a managing partner of OrbiMed. “AI, a proliferation of new therapeutic modalities and China’s emergence as a biotechnology powerhouse are expanding the opportunities to develop transformative treatments. We look forward to helping entrepreneurs turn these advances into leading healthcare companies.”

The firm said that investors in these new funds include a broad range of medical institutions, university endowments, foundations, pension funds, sovereign wealth funds and family offices.

While OrbiMed has grabbed the headlines, elsewhere, Palo Alto-based investment firm TCG Crossover has raised $100 million to target healthcare and healthcare-related industries in Asia, particularly in the life sciences and medical technology sectors. Via TCGX Acquisition II, a special purpose acquisition company, it sold 10 million shares at $10 per share. Guggenheim Securities acted as the sole book-running manager for the offering.

TCGX Acquisition I raised $86.3 million in August and was also focused on healthcare in Asia.