Wall Street banker JPMorgan Chase & Co and the Bill & Melinda Gates Foundation joined hands to form the Global Health Investment Fund. The healthcare-focused fund would support companies engaged in late-stage development of technologies that would combat killer diseases in developing nations.

Governments from Canada and Germany as well as the Children's Investment Fund Foundations had already given USD 94 million in capital commitments to the Global Health Investment Fund. Other investors include GlaxoSmithKline, International Finance Corp, Merck & Co, Pfizer Inc's foundation, JPMorgan Chase, Storebrand and other individuals.

With the US and other governments having reduced funding for global health by 4.4%, the newly-formed Fund would seek to address diseases like HIV, malaria and tuberculosis, among others. JPMorgan Chase Chairman and CEO Jamie Dimon said, "The Global Health Investment Fund demonstrates the potential for innovative collaborations and thoughtful financial structures to mobilize new sources of capital for social challenges. This product brings a diverse group of investors together around the shared objective of developing life-saving technologies in a financially sustainable way."