BIRAC AcE Fund (Fund of Funds for Biotech)

BIRAC's Fund of Funds providing equity support to biotech startups with an investment commitment of ₹174.50 crore, actual investment of ₹349 crore in biotech startups. The AcE Fund's fund-of-funds model means BIRAC itself never directly invests in an operating biotech company — capital flows first into SEBI-registered daughter AIFs (16 as of the latest disclosure), and only those fund managers then negotiate terms with individual startups. This two-step structure is designed to bring professional venture discipline to biotech investing while using BIRAC's ₹174.50 crore commitment to catalyse a larger pool of private capital across healthcare, pharma, medical devices, agriculture and sanitation sub-sectors. Startups at MVP, revenue or scaling stage are the natural fit, since daughter funds generally invest past the pure grant/proof-of-concept stage that BIG and similar schemes cover.