US-based healthcare-focused investment firm Vivo Capital closed its latest fund yesterday at more than $100m, with limited partners including Taiwan-based insurance provider Cathay Life Insurance.
Cathay reportedly made its commitment to the Vivo Panda Fund in May 2016, providing $10m. Vivo said in a statement yesterday the fund’s LPs include undisclosed corporate backers, financial institutions and family offices.
The LPs also include Taiwan Silicon Valley Technology Fund, a $120m initiative launched by Taiwan’s government in February 2016 through the Ministry of Science and Technology and National Development Council. It supplied $40m to Vivo Panda.
Founded in 1996, Vivo Capital has $1.8bn under management. The firm closed its previous vehicle, the later-stage instrument Vivo Fund VIII, at $750m in March 2015 and will use Panda to complement that initiative.
Vivo Panda will invest in early-stage startups in the healthcare sector, particularly in the areas of pharmaceuticals, biotech, medical devices and diagnostics technology.
Vivo has opened a new office in Taipei, Taiwan to further support its efforts of building a portfolio in the US and Asia. The firm already has offices in Palo Alto, Beijing and Shanghai.