GlaxoSmithKline has joined with a syndicate of investors pumping more than $58 million into a new venture capital fund targeting rare diseases.

The fund belongs to Paris-based venture capital firm Kurma Life Science Partners, or KLS. Its Kurma Biofund II, targeting orphan diseases, has a fundraising target of $99 million. The effort brings together the financial muscle of venture capital investors with the industry expertise of a big pharma company. Joining KLS and GSK in investing in the fund were French bank bpifrance, French private equity firm Idinvest Partners and Menlo Park, Calif. venture capital firm New Enterprise Associates.

GSK’s investment into the new KLS rare diseases fund is $23.5 million, according to Reuters. KLS said that the fund will be the first venture capital fund dedicated to financing innovation in rare diseases. The fund will work with a network of top clinical and research institutes in Europe and with a model of investing in specific assets, which the firms believe will reduce risk and shorten the investment cycle.

Rare diseases are conditions that affect a small percentage of the population and have few, if any effective treatments. Companies that develop treatments for these so called “orphan diseases” can qualify for certain tax advantages in the United States and Europe. Orphan drugs can also secure a period of marketing exclusivity. The incentives encourage companies to pursue development of treatments that serve a small patient population and might not not be very lucrative.

KLS said given the unusual scientific and business characteristics of orphan drug development, it has assembled a team for Kurma Biofund II that has the skills and expertise to choose the best drug prospects and entrepreneurs.

“GSK’s participation in this fund is an extension of our long-term commitment to addressing the needs of patients with rare diseases and to finding the best science, in whatever part of the world it is taking place,” GSK Chairman of Research & Development Mouncef Slaoui said in a statement. “We feel strongly about the importance of continuing to build and support the biotechnology ecosystem through diverse collaborations such as Kurma Biofund II and look forward to working together with leading scientists and academics in the rare diseases field.”

GSK latest investment adds to other commitments it has with the VC community to finance early-stage drug development. Earlier this year, GSK struck a partnership with San Diego VC firm Avalon Ventures in which GSK will provide up to $495 million in funding for 10 drug startups.

London-based GSK maintains its U.S. headquarters in Research Triangle Park.