By combining IAG's resources, investment capabilities and industry expertise, JVP said it hopes to "nurture and propel" new technologies that reshape approaches to risk assessments.
The early-stage venture capital firm has secured funding from US-based VC fund managers, Private Equity and hedge fund managers.
The fund manages $70 million US dollars and is investing in new healthcare techologies.
According to the university, a substantial percentage of the target amount has already been raised and the fund is poised to begin making investments.