Bill Gates and Jamie Dimon at an eventcelebrating the launch of GHIF in 2013

Our History: A Marriage of Social and Commercial Objectives

The Bill & Melinda Gates Foundation and J.P. Morgan created the Global Health Investment Fund (GHIF) in 2012. These organizations sought to test the idea of building an impact investment portfolio from the most promising drug, vaccine, diagnostic, and medical device technologies that address high-burden public health challenges, neglected infectious diseases, and maternal/infant mortality. An emerging track record of success suggests it is possible to have one’s cake and eat it too, as GHIF-backed technologies are increasingly being commercialized at scale and improving public health in historically overlooked markets.

Adjuvant was formed by veterans of the Bill & Melinda Gates Foundation and GHIF as an independent asset management firm designed to scale-up the public health investment model pioneered by this earlier work.

Interior of a relatively full Indonesian subway or train car.

The Adjuvant Investment Strategy

Adjuvant’s strategy aims to drive meaningful improvements in the public health of low- and middle-income countries while pursuing top-tier financial returns. Adjuvant’s focus areas include:

  • Neglected, high-burden, and emerging infectious diseases, including antimicrobial resistance and pandemic threats
  • Maternal, newborn, and child health challenges
  • Reproductive and sexual health
  • Nutrition

Adjuvant directs the majority of its investment activity to opportunities that have human efficacy signals from a phase II-or-later clinical trial or similar arm’s-length evaluations. We look for compelling proof-of-concept data to support our investment decisions.

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