Bupa Asia Pacific has joined the list of corporates trying their hand at venture capital investing, raising a $20 million fund with the aim of backing early stage start-ups focused on healthcare.

The fund launches as the high-risk, high-reward asset class is narrowing its focus, with a number of recently raised VC funds targeting specific sub-sectors, rather than a broader “spray and pray” approach taken by general funds targeting the growth of software across sectors.