Backed By Billionaires, This Biotech Venture Capital Fund Is Driving Innovation In Taiwan

This story appears in the June 2024 issue of Forbes Asia. Subscribe to Forbes Asia

This story is part of Forbes’ coverage of Taiwan’s Richest 2024. See the full list here.

Global momentum in biotechnology is paying off for the founding partners of Diamond Biofund, a venture capital firm headquartered in Taipei.

Set up in 2013, the fund delivered a 17 times return to investors in a decade, boosting the wealth of four billionaires whose companies each put in an initial investment of NT$1 billion ($31 million): Daniel and Richard Tsai, the brothers who run Fubon Financial Holding; Thomas Wu, chairman of financial firm Taishin Holdings; and Samuel Yin who heads Ruentex, a group with interests in finance, real estate and healthcare.

The evergreen fund has incubated or invested in over 20 biotech and healthcare companies, including Taiwan’s Oneness Biotech, a new drug developer for dermatology and immunology disorders, which went public in 2011 and now has a market cap of more than $2 billion.

Yin spoke about his ambitious vision for the sector in 2013 at an event for a portfolio startup: Taiwan would embrace a new era for biotechnology, following in the footsteps of its famed semiconductor industry. In September, Diamond Biofund became the first VC to list on the island, raising NT$4 billion.