Sign up for our daily briefing

Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Denver news in your inbox

Catch up on the most important stories affecting your hometown with Axios Denver

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Des Moines news in your inbox

Catch up on the most important stories affecting your hometown with Axios Des Moines

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Minneapolis-St. Paul news in your inbox

Catch up on the most important stories affecting your hometown with Axios Twin Cities

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Tampa Bay news in your inbox

Catch up on the most important stories affecting your hometown with Axios Tampa Bay

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Charlotte news in your inbox

Catch up on the most important stories affecting your hometown with Axios Charlotte

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Illustration: Lazaro Gamio/Axios

The Gates Foundation is best known for its philanthropy, but it has also spawned a venture capital fund whose mission is to show that investing in global health care issues can also yield returns.

Driving the news: Adjuvant Capital, founded by veterans of the Gates Foundation-sponsored Global Health Investment Fund, is raising a fund that will be at least $200 million, according to SEC filings.

  • Adjuvant founder and managing partner Glenn Rockman tells Axios that GHIF was created in 2012 (raising $108 million) to test whether it was possible to generate returns from these areas historically financed by philanthropy and governments.
  • The expectations were low: "Our investment memo at the time said 'get your money back in real terms,' meaning, to beat inflation," Rockman says.
  • Some of GHIF's team later left to set up Adjuvant, keeping much of the same approach.

The intrigue: While many life sciences and biotech investors go after cancer therapies and the like, Adjuvant is betting it can get investment returns from fighting diseases like malaria and tuberculosis.

  • “To some extent we are taking a contrarian bet that this is a bigger market than people realize,” Adjuvant principal Charlie Petty tells Axios.
  • Adjuvant invests alongside the usual top life-science VCs, but its portfolio will look different — it'll have more vaccines, for example, than most others.

Why it matters: As the current coronavirus pandemic has shown, global health crises can effectively halt entire economies without treatments and prevention.

  • Already, some of Adjuvant’s existing portfolio companies are working on potential treatments for COVID-19.

Go deeper: The legacy of Kleiner Perkins' 2006 pandemic fund

Go deeper

Ina Fried, author of Login
Sep 15, 2020 - Health

Exclusive: Melinda Gates slams Trump's COVID-19 response

Melinda Gates told "Axios on HBO" that the Trump administration has neutered the Centers for Disease Control and Prevention and continued to bungle its coronavirus response, concluding that only a "lack of leadership" explains why far more people have died in the U.S. than in other developed countries.

Why it matters: The comments mark the sharpest rebuke yet from the co-chair of the Bill & Melinda Gates Foundation, which has emerged as the largest funder of the World Health Organization after the U.S. yanked funding earlier this year.

2 hours ago - Politics & Policy

Kellyanne Conway's parting power pointers

Kellyanne Conway addresses the 2020 Republican National Convention. Photo: Nicholas Kamm/AFP via Getty Images

Kellyanne Conway has seen power exercised as a pollster, campaign manager and senior counselor to President Trump. Now that his term in office has concluded, she shared her thoughts with Axios.

Why it matters: If there's a currency in this town, it's power, so we've asked several former Washington power brokers to share their best advice as a new administration and new Congress settle in.

3 hours ago - Politics & Policy

GOP holdouts press on with plans to crush Cheney

Screenshot of emails to a member of Congress from individuals who signed an Americans for Limited Government petition against Rep. Liz Cheney. Photo obtained by Axios

Pro-Trump holdouts in the House are forging ahead with an uphill campaign to oust Rep. Liz Cheney as head of the chamber's Republican caucus even though Minority Leader Kevin McCarthy told them to back down.

Why it matters: What happens next will be a test of McCarthy's party control and the sincerity of his opposition to the movement. Cheney (R-Wyo.) is seen as a potential leadership rival to the California Republican.

You’ve caught up. Now what?

Sign up for Mike Allen’s daily Axios AM and PM newsletters to get smarter, faster on the news that matters.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!