How to Get Funded by OrbiMed: Biotech and Healthcare VC

OrbiMed Private Investments X, LP reported $1.92 billion on October 16, 2026, with Mona Ashiya as the signer. The same day, Fortune's Term Sheet newsletter reported that OrbiMed, a New York healthcare investment firm, raised $3 billion across two funds: more than $1.9 billion for its tenth private investment fund focused on U.S. and European life sciences companies, and more than $1 billion for its sixth Asia fund focused on healthcare growth equity and venture capital. The filing matches the first of those two numbers.

What the Filing Shows

The filing gives an amount and a signer, and the fund's name matches the one reported by Fortune, so this is a case where the public news and the regulatory record line up. The filing is a point-in-time figure and not a full description of the strategy, so the investment focus described here comes from the Fortune report and from earlier coverage of the firm.

For context, OrbiMed's previous U.S.-focused private investments fund, the ninth, was reported at about $1.87 billion in 2023, so the new vehicle is of a similar size. A separate SEC filing amendment from May 2026 for OrbiMed Asia Partners VI showed an $850 million offering with about $534 million sold to 45 investors at that time, which is below the more than $1 billion Fortune now reports, so that fund appears to have continued raising after the May filing. In fact, a separate filing for OrbiMed Asia Partners VI, L.P. also appeared on October 16, reporting $1.0456 billion and signed by Carl Gordon, which matches Fortune's report of more than $1 billion. Sources also differ on the fund's domicile, so treat structural details as unconfirmed.

What OrbiMed Is

OrbiMed is one of the largest dedicated healthcare investors, with more than $17 billion in assets under management as of an earlier 2025 report. It invests across venture, growth and public markets, and it also runs royalty and credit funds. A 2025 credit fund closed at $1.86 billion.

What This Means for Founders

For a biotech or healthcare founder, a firm with nearly $2 billion for a single fund can write large checks and take part in several rounds of the same company. Funds of this size usually focus on companies that have moved beyond the earliest stage, such as those with clinical data or growing revenue, so a company at the idea stage will usually look to smaller funds first and come to firms like OrbiMed later.

A new fund also changes how the market looks at your next round. A large investor with fresh capital can lead a financing on its own, which gives you more control over timing and terms. If you are raising a Series A or later round in life sciences, ask which healthcare funds have raised capital this year, and make a list of those that invest at your stage.

Why Fund Size Matters to Founders

A fund of this size changes who can be a partner. A firm that manages nearly $2 billion in a single fund can lead a large financing for one company without needing co-investors, and it can keep money in reserve to support that company through several rounds. That matters in life sciences, where a company may need to fund years of trials before it earns revenue. It also means the firm has to find enough good companies to deploy the money, so it tends to look at many opportunities and to move earlier on those it likes.

Preparing for a Large Specialist Investor

Specialist healthcare investors evaluate science, regulatory risk and the cost of reaching the next milestone. Prepare a clear development plan: what data you have, what the next study or product launch will show and how much money each step needs. Be ready to explain how your company would be worth more after that milestone and what happens if the result is negative. Investors will also ask about your patent position, your team's experience with regulators and the market for your treatment or product.

Working Through a Round

A round led by a large fund usually includes several other investors, and the lead sets terms for everyone. Ask each prospective lead investor how many companies the fund backs, how often it adds to its positions and how it supports portfolio companies through approval or launch. Understand how a high post-money valuation will shape the next financing, and weigh the dilution of a larger round against the time it buys you.

The Bigger Picture

On the day OrbiMed filed, 192 vehicles reported about $35 billion, and venture funds were 43 of those vehicles with less than 1% of the dollars. Large healthcare funds such as this one are a small number of filings but a large part of the capital available to later-stage life sciences companies, which is why founders in the field should follow them closely.

Read the baseline mechanics of a limited partner if the term is new, or explore active capital on AngelLinx @ angellinx.ai/register.

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