Ripening fund for Israel

OrbiMed Advisors had a $203 million close for its OrbiMed Israel Partners healthcare fund. The firm is continuing to raise money, working toward an undisclosed target.

The Israeli government is an LP, contributing about $40 million. It is also offering upside incentives and downside protection for other LPs. If the fund loses money, the government takes its losses first, while it would give away up to 80% of its profits to other investors...