Kleiner Perkins Caufield & Byers, the US private equity group which has Colin Powell, former US Secretary of State, as a partner, has launched a new fund to fight global pandemics and biological warfare.

John Doerr, a partner, said, "We will invest to accelerate innovation, and we're in a hurry. We hope even a mild pandemic never recurs. But we must prepare for the worst. Everyone should have access to these innovations. They must be offered universally affordable prices to the developing world."