Adjuvant Global Health Technology Fund LP

Rest of the World

The fund is focused on accelerating the development of medical innovations for historically overlooked public health challenges. Its goal is to save or improve millions of lives by bringing urgently needed drugs, vaccines, diagnostics, and medical devices to market.

This investment was made when British International Investment was named CDC Group.

Our investment

We invested in the fund alongside a coalition of conventional and catalytic investors, including traditional asset managers, multinational biopharmaceutical companies, and other development finance institutions, with the aim of investing in healthcare solutions for those who need it most.


Improve healthcare outcomes, reducing global maternal mortality rates (SDG 3.1); prevent deaths of new-borns and children under 5 (3.2); end the epidemics of AIDS, tuberculosis, malaria and neglected diseases and combat hepatitis, waterborne and communicable diseases (3.3).

Primary Secondary

Direct: The Adjuvant Global Health Technology Fund will invest in late-stage technologies that address underfinanced healthcare challenges in low and middle-income countries. The fund will primarily target investees that are at the mid- to late-stage of the research and development process and require Adjuvant’s capital and expertise to receive regulatory approval, to scale production and to secure routes-to-market.

Catalytic: Lack of track record in funding research and development in disease areas applicable to low and middle income markets and uncertain returns are preventing the market from developing. The fund can help prove the commercial case for investing in these areas and mobilise more capital in this underfinanced sector.

Stakeholder Geography Characteristics
Customers (in many cases, these will not be paying customers but rather recipients of international/aid programmes)

Primarily low and middle-income countries. Some technologies will have dual use applications, but the Global Access Commitments mean that marketing and distribution must include low-income and lower-middle income countries.

Very often, low/very low income and beneficiaries of humanitarian/aid programmes. Global Access Commitments give us comfort that the pricing will be affordable to lower-middle income populations. Given the important focus on maternal mortality, we expect a large number of customers to be women.

Grid Score Contribution
This investment is made under an approved Catalyst Strategy, and therefore does not require a grid score.

To help us direct our investments, we use a tool called the Development Impact Grid. The Grid scores every investment we plan out of a score of four, based on two factors: the difficulty of investing in the country and whether investment in that sector will lead to jobs.

Financial: Our commitment will increase the scale of the overall impact.

  • Execution: This captures a range of risks which would prevent a technology from being developed and/or commercialised. After due diligence we consider Adjuvant to be well placed to address these risks.
  • Alignment: The risk appears low and we believe we have strong alignment with Adjuvant and other LPs (on the impact mandate and the parameters that define success). The Global Access Commitments and governance oversight provided by the Social Impact Committee gives us further comfort.

Environmental and social aspects

We are working closely with the fund manager to improve its existing environmental and social management system (ESMS), including delivering an action plan.

Key facts


Since 2012, we’ve only invested in Africa and South Asia. Investments outside these regions are from our pre-2012 portfolio.

Rest of the World
Investment type

We provide capital in three broad ways: direct equity, debt, and intermediated equity (principally through investment funds).

Intermediated investment
Fund manager:
Adjuvant Capital
Start date

For direct investments, this is the date British International Investment committed capital to the business or project.

For funds, this is the date that British International Investment committed capital to the fund.

For underlying fund investments, this is the date that the fund invested capital into the business.e

December 2020

For direct investments, this is the total amount that British International Investment has committed to the business or project (it may be a combination of equity and debt).

For funds, this is the total amount that British International Investment has committed to the fund.


This is the investee company’s place of incorporation; or a fund’s jurisdiction.

Cayman Islands

We are now British International Investment