This story appears in the June 2024 issue of Forbes Asia. Subscribe to Forbes Asia
Samuel Yin (left) and Thomas Wu.
Yin: Sam Yeh/Getty Images; Wu: udn.comThis 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.
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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.