Why Jamie Dimon and Bill Gates have teamed up

Bill Gates
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A private equity-like fund backed by for-profit investors, governments and others could be the key to solving the developing world's most vexing health issues.

At least corporate heavyweights including Jamie Dimon, Bill Gates and large drug makers think so.

JPMorgan Chase, the Bill & Melinda Gates Foundation and partners including GlaxoSmithKline and Children's Investment Fund Foundation have launched an innovative investment fund focused on late-stage healthcare technology trials.

The now-$94 million Global Health Investment Fund will give money to final-stage drug, vaccine and medical device studies that are otherwise stalled at companies because of their relatively high failure risk and low consumer demand. Examples of problems that could be addressed by the fund include malaria, tuberculosis, HIV/AIDS and maternal and infant mortality, according to the Gates and JPMorgan led-group.