China Everbright hits $115m first close on healthcare fund
China Everbright has completed the first close of RMB800 million ($115.4 million) on its third healthcare fund. The overall target for the vehicle is around RMB1.5 billion.
The group raised RMB600 million and RMB1.2 billion for its first and second healthcare funds, which launched in 2012 and 2015, respectively. CEL Healthcare Fund III will follow a similar remit, focusing on healthcare services, medical instruments and equipment, innovative medicine, and diagnostic reagents, according to a statement. There are also plans to bring high-end global technology and services to China.
China Everbright’s previous healthcare investments include Shenzhen-listed BGI and Betta Pharmaceutical, as well as Hong Kong-listed China Traditional Chinese Medicine Holdings. Meanwhile, in May, a healthcare fund managed by China Everbright acquired a 22.4% interest in medical equipment manufacturer LifeTech Scientific Corporation from Medtronic.
There has been a proliferation of healthcare-focused funds in China in recent years, driven by a desire to meet the needs of an aging society in which chronic diseases are becoming more prevalent. At the same time, the willingness and ability to pay for healthcare services is increasingly evident.
In July, C-Bridge Capital reached a first close of just over $400 million on its third healthcare fund, which has a hard cap of $800 million. The GP raised $400 million for its second vehicle in 2017. This followed Nan Fung Group establishing Pivotal Bioventure Partners China with a view to investing $200 million in the sector. A number of generalist VC players are also active in the space, with healthcare expected to account for a sizeable portion of the $935 million Qiming Venture Partners raised for its latest fund.
China Everbright is a Hong Kong-listed financial conglomerate engaged in fund management and principal investment. As of June, it had established 55 funds with aggregate commitments of HK$138.9 billion ($17.7 billion).
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.