OrbiMed's Two New Funds Report $2.97 Billion in Commitments, $763.5 Million More Than Their Previous Filings

OrbiMed's two newest private equity funds reported $2.97 billion in commitments in Form D amendments filed October 16, 2026, a day after the New York healthcare investor announced it had raised $3 billion for them. OrbiMed Private Investments X, which invests in U.S. and European life sciences venture capital, reported $1.92 billion from 131 investors; OrbiMed Asia Partners VI, which invests in healthcare growth equity and venture capital across Asia, reported $1.05 billion from 72.

That is $763.5 million more than the funds' previous amendments reported: $251.9 million more for Private Investments X since April and $511.6 million more for Asia Partners VI since May. Each now reports commitments above the offering amount on its earlier notices, $1.75 billion and $850 million, with the offering amount raised to match and nothing listed as remaining.

What the filings show

Both notices say the amount sold includes capital committed by the general partner, and under the Form D instructions it counts commitments not yet called, so the totals measure commitments rather than invested capital. The notices do not say "final close"; nothing remaining is the offering status they report, not a contractual closing date.

The notices describe the fee basis without the rates: an OrbiMed affiliate is paid a management fee equal to a percentage of limited partners' subscriptions during the investment period and a percentage tied to invested capital afterward. Selling agents, UBS Switzerland AG and Merrill Lynch for both funds and J.P. Morgan Securities for Asia Partners VI, are paid a percentage of the commitments of investors they introduce, and those payments are offset against the management fee.

Background

Both funds are larger than their predecessors' announced sizes. OrbiMed announced $1.5 billion for Private Investments VIII and $800 million for Asia Partners IV in March 2021. Its October 2023 release reported more than $4.3 billion across Private Investments IX, Asia Partners V and a royalty and credit fund without a split; its counsel, Gunderson Dettmer, put Private Investments IX at just over $1.86 billion and Asia Partners V at $751 million. The October 2026 release describes OrbiMed as managing over $21 billion and its investors as medical institutions, endowments, foundations, pension funds, sovereign wealth funds and family offices.

Why it matters

The amendments put exact figures behind a rounded announcement and show where the money came in late: Asia Partners VI nearly doubled its reported commitments after May, while Private Investments X added about 15% after April. Against the predecessors' announced sizes, the Asia fund grew by about two fifths and the global venture fund by a few percent.

What the filings do not show

The notices do not identify investors, give fee rates or terms, split general partner from investor commitments, or show how much has been called or invested. The predecessor sizes are announced figures, and one split comes from OrbiMed's counsel rather than its own release.