Lyfe Capital closes debut China healthcare fund at $298m

The fund comprises two vehicles - a $210 million US dollar-denominated fund and a parallel renminbi-denominated fund worth RMB555 million ($88 million), local media reported. The fund was over-subscribed, with Lyfe initially targeting $150 million and RMB300 million, respectively. LPs include financial institutions, pension funds and government-linked funds from the US and Europe, as well as Chinese listed healthcare firms.

Lyfe was incorporated a few months ago by James Zhao, formerly managing partner at Vivo Capital, and Drake Yu, who was a partner at IDG Capital Partners. They focus on investing in early to growth-stage start-ups in drug development, biotechnology, medical devices, diagnostic equipment, digital healthcare and other medical services.

The GP has said it will also participate in later stage medical products and technology investments where there is a strong possibility of receiving approval from the China Food and Drug Administration for IPOs.

Lyfe, known as Ji Feng Capital in Chinese, participated in a RMB150 million round of funding for Burning Rock Biotech, a Chinese cancer diagnostic start-up, in August. Sequoia Capital and Legend Star, an incubator program set up by Legend Holdings, also participated in the round.

On the back of reforms and a rising consumer class, China's healthcare sector is expected to see huge growth. Sector specialist GPs have emerged to capitalize on the opportunity, with several funds in the market. 

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