China’s Lyfe Capital raises $420m for second healthcare fund

Lyfe was set up in 2015 by James Zhao, formerly managing director at Vivo Capital, and Drake Yu, who was a partner at IDG Capital Partners. The firm closed its debut US dollar-denominated fund at $210 million in the same year, as well as a parallel local currency vehicle worth RMB555 million ($88 million).

Fund II is also split into two tranches – a $288.8 million US dollar fund and a renminbi vehicle of RMB900 million ($132 million), local media reported. The two vehicles were oversubscribed, with Lyfe initially targeting $230 million and RMB800 million, respectively. LPs in the US dollar fund include pension funds, endowments, financial institutions and fund-of-funds in the US, Europe, and Australia.

The investment strategy for Fund II is largely consistent with that of its predecessor. It will focus on early to growth-stage companies involved in drug development, biotechnology, medical devices, diagnostic equipment, digital healthcare and other medical services.

Lyfe, which has typically invested in China, recently opened an office in Palo Alto and expects to make investments in the US as well. The US team will help Chinese companies expand in the US and support US companies entering China.

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• Topics
• Greater China
• Healthcare
• Venture
• Fundraising
• China
• Growth capital
• Venture
• Lyfe Capital