IFC to support BioVeda’s $200m China fund

BVCF III is aiming to raise $200 million. The fund will invest in early- and growth- stage companies in a range of sectors, including pharmaceuticals, biotechnology, traditional Chinese medicine (TCM), medical technology, healthcare services, and industrial and environmental biotechnology, a statement said.

IFC invested $4.65 million in BVCF's inaugural life sciences fund in 2005. Two years later it committed $10 million in a second fund.

Founded in 2005, BVCF is led by Dr. Zhi Yang and has so far made 11 investments including CITIC Pharmaceuticals, Ealong Biotech, Allegens Medical Science and Technology, Novast laboratories, Sinobiopharma, Cathay Industrial Biotech, Biocytogen, Nexchem, Napo Pharmaceuticals, NOD Pharmaceuticals and Yashentech.

"China's healthcare market has been expanding at a double-digit growth rate and the government supports the emergence of private companies," Zhi Yang, chairman and managing partner of BVCF, told AVCJ in a previous interview. "Ten years ago, nine out of the top 10 pharma companies were state-owned; now six out of the 10 are private players."

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• Topics
• Greater China
• Healthcare
• Expansion
• China
• IFC
• healthcare
• Growth capital