The Asian Development Bank (ADB) signed a $75 million equity investment in OrbiMed Asia Partners IV, LP (OAP IV), a private equity fund managed by OrbiMed Advisors LLC (OrbiMed), to enhance health care capacity, innovation, and resilience in India and the People’s Republic of China (PRC).

OAP IV is expected to provide mainly growth capital to 15 to 20 health care companies across the biopharma, medical technology, health care services, diagnostics, and distribution subsectors. Investment sizes will typically range from $10 million to $50 million per company.

“COVID-19 has underscored the need for higher health care capacity reserves and stimulated demand for health care services and products, as well as soft and hard health infrastructure,” said ADB Private Sector Investment Funds and Special Initiatives Division Director Janette Hall. “ADB’s investment in OAP IV is expected to be catalytic in developing effective solutions and responses to global health care crises by enhancing disease detection, treatment and response capacities in the fund’s target markets