HighLight reaches first close on third renminbi vehicle
Chinese healthcare-focused GP HighLight Capital, which was set up by Steven Wang, formerly of CDH Investments, has reached the first close for its third renminbi vehicle at around 70% of the hard cap.
Financial details have not been disclosed. The fund, which launched in September last year, made its first deployment in January by participating in a RMB550 million ($80 million) pre-IPO round for Suzhou-based biotech company, BrightGene, alongside Sequoia Capital China.
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.
In 2016, HighLight closed its second renminbi fund at RMB1.5 billion while a year later, it closed the second US dollar fund at $250 million. The firm currently manages over RMB7 billion across two US dollar and two renminbi funds.
HighLight focuses on the early to expansion stages for Chinese healthcare companies. Previous investments include the country’s largest medical equipment manufacturer, Mindray Medical International, and contract pharmaceutical R&D services provider, Wuxi AppTech, both of which went public in China last year.
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