China's Decheng targets $450m for third fund

Like its predecessor, the China Life Sciences USD Fund III will provide capital and strategic support to early-stage life science companies with innovative technologies, along with growth-stage healthcare companies with a strong market presence. According to a filing for the vehicle, fundraising has yet to begin, though SEC filings do not necessarily reflect the full extent of a firm's fundraising efforts.

Decheng currently claims to have $440 million in capital under management. It said it was targeting $125 million and $250 million for its first and second funds, respectively.

Since its establishment in 2012, Decheng has sought to leverage the rapid growth of China's healthcare industry along with breakthroughs in life sciences research worldwide. The firm is based in Shanghai and Silicon Valley and mainly backs companies based in China or the US.

Decheng's China portfolio includes 3SBio, a biotech player that went public in Hong Kong in 2015, raising HK$5.51 billion ($711 million). The firm invested $6 million in a convertible note issued by 3SBio in 2013 after a consortium led by its CEO and CITIC Private Equity took the company private. Decheng has also backed biopharmaceutical firm EpimAb Biotherapeutics and drug developer GeneMDx.

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• Topics
• Greater China
• Fundraising
• GPs
• Venture
• China
• healthcare