China's HighLight Capital closes Fund II at $250m
Chinese healthcare-focused GP HighLight Capital, which was set up by former CDH Investments executive Steven Wang, has closed its second US dollar-denominated fund at the hard cap of $250 million.
The fundraising process started in March and was completed at the end of September. Commitments came from Asia-based sovereign wealth funds committed to the fund, as well as US-based fund-of-funds and family offices. Singapore's Temasek Holdings, Adams Street Partners, and HarbourVest Partners are among the new investors, according to a source familiar with the situation.
Wang left CDH in 2014 and founded HighLight with Jason Zhao, previously a healthcare specialist at SBCVC. They raised two funds later the same year: a $200 million US dollar vehicle and RMB1 billion local currency fund. Last October, HighLight closed its second renminbi fund at RMB1.5 billion ($218 million). It is now more than 50% deployed.
The investment strategy for the second US dollar fund is largely consistent with that of its predecessor. HighLight will target Chinese healthcare companies from early-stage to pre-IPO rounds. About 20% of the corpus will go towards pharmaceuticals, with the remainder spread equally between medical devices and healthcare services.
The fund has already invested in six companies, including drug developer Ennovabio.
More on Greater China
Latest News
Asian GPs slow implementation of ESG policies - survey
Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...
Singapore fintech start-up LXA gets $10m seed round
New Enterprise Associates (NEA) has led a USD 10m seed round for Singapore’s LXA, a financial technology start-up launched by a former Asia senior executive at The Blackstone Group.
India's InCred announces $60m round, claims unicorn status
Indian non-bank lender InCred Financial Services said it has received INR 5bn (USD 60m) at a valuation of at least USD 1bn from unnamed investors including “a global private equity fund.”
Insight leads $50m round for Australia's Roller
Insight Partners has led a USD 50m round for Australia’s Roller, a venue management software provider specializing in family fun parks.