Japan-based insurer Nippon Life Insurance has committed approximately $100m to the Life Science Impact Program, a healthcare impact fund managed by affiliates of private equity and venture capital investor Grove Street Advisors, DealStreetAsia reported yesterday.
Nippon Life will provide the cash through an unnamed fund managed by its Nissay Asset Management subsidiary. Grove Street does not appear to have disclosed any other limited partners for the fund and it is unclear whether Nippon is expected to be the sole sponsor.
The Life Science Impact Program will focus on healthcare companies in the drug development and medical equipment spaces, particularly those looking to improve quality of life and increasing life expectancy.
While the fund will seek to generate financial returns, its remit will also include investing in opportunities that align with the United Nations’ sustainable development goals.
Nippon Life previously announced its intention to invest $280m in companies working on social and environmental issues three months ago, with the aim of deploying that capital over the space of three years. It is reportedly considering the health, food and climate change areas.
