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 technologies are being commercialized at scale and improving public health in historically overlooked markets. Over a relatively short period of time, the GHIF team has built a portfolio of 15 high-impact global health R&D programs that is on track to exceed the fund’s original financial return targets.

Adjuvant was incubated at GHIF and now stands as an independent investment platform designed to scale the most promising investment strategies developed within the original portfolio.

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
  • Improving nutrition in undernourished populations in the developing world

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

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