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JP Morgan teams up with Bill Gates for killer disease fund
by Dylan Lobo on Sep 23, 2013 at 08:21
JP Morgan Chase & Co has partnered with the Bill & Melinda Gates Foundation to launch a fund investing in firms which create technologies to fight killer diseases.
The Global Health Investment fund (GHIF) will give individual and institutional investors the opportunity to finance late-stage global health technologies that have the potential to save millions of lives in low-income countries.
London-based asset manager LHGP Asset Management, which specialises in sustainable development, will be responsible for managing the portfolio.
GHIF will invest in new drugs and vaccines, emerging diagnostic tools, child-friendly formulations of existing products, expanding manufacturing capacity and other applications that will help bring affordable technologies to those most in need.
So far $94 million has been committed by investors, including the Canadian government, the German Ministry for Economic Cooperation and Development and the Children's Investment Fund Foundation.
‘The Global Health Investment fund demonstrates the potential for innovative collaborations and thoughtful financial structures to mobilise new sources of capital for social challenges,' said Jamie Dimon, chairman and chief executive of JPMorgan Chase & Co told the London market.
‘This product brings a diverse group of investors together around the shared objective of developing life-saving technologies in a financially sustainable way.’
Bill Gates (pictured) added: ‘We invest in global health because we know that when health improves, life improves by every measure.'
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