  We calculate the beta function of non-linear sigma models with S^{D+1} and
AdS_{D+1} target spaces in a 1/D expansion up to order 1/D^2 and to all orders
in \alpha'. This beta function encodes partial information about the spacetime
effective action for the heterotic string to all orders in \alpha'. We argue
that a zero of the beta function, corresponding to a worldsheet CFT with
AdS_{D+1} target space, arises from competition between the one-loop and
higher-loop terms, similarly to the bosonic and supersymmetric cases studied
previously in hep-th/0512355. Various critical exponents of the non-linear
sigma model are calculated, and checks of the calculation are presented.
