HighLight seeks $250m for second China healthcare fund
Chinese healthcare-focused GP HighLight Capital, which was set up by Steven Wang, formerly of CDH Investments, is targeting $250 million for its second US dollar-denominated fund.
The launch follows the completion of fundraising for the firm's second renminbi vehicle, which closed at RMB1.5 billion ($218 billion) in October.
Wang left CDH in 2014 and founded HighLight with Jason Zhao, previously a healthcare specialist at SBCVC. Two vehicles closed later the same year: a $200 million US dollar fund and RMB1 billion locall currency fund. Sequoia Capital is an LP in the dollar vehicle, alongside family offices and fund-of-funds such as AlpInvest Partners. Chinese entrepreneurs and corporates backed the renminbi fund.
The first US dollar fund is now 70% deployed, having invested in 15 companies specializing in pharmaceuticals, medical devices and healthcare services. They include pharmaceutical marketing solutions provider eDctor Healthcare, mobile healthcare services provider Shanghai KingYee and its independent unit Quyiyuan, and traditional Chinese medicine business Jun He Tang.
The investment strategy for Fund II is largely consistent with that of its predecessor. It will target healthcare companies across all stages from early-stage to pre-IPO rounds.
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