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China GPs join Singapore's Novena for $150m healthcare fund

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China-based GPs Sinopharm Capital and Cedarlake Capital have announced a $20 million investment in Singapore-based healthcare platform Novena Global Lifecare, along with a strategic partnership for a $150 million fund that will support Southeast Asian healthcare companies.

The new vehicle, the Sino-Singapore Healthcare Fund, will back companies involved in medical services, biomedical projects, mature drugs, and precision medicine. Investees are expected to benefit from Novena's regional healthcare expertise, while Sinopharm and Cedarlake will help portfolio companies access the China market.

In a statement, Bao Yi, founder and chairman of Cedarlake, said that Southeast Asia's healthcare sector presents "an immense opportunity to create win-win cross-border opportunities," and that the participation of the Chinese investors would "benefit the people of all countries along the Belt and Road initiative."

Novena has over 250 clinics and sales locations across 20 countries in Asia, providing cosmetic health treatments, preventive care, and DNA testing. It also sells a range of wellness and beauty products under the Novu Aesthetics brand. The company is a subsidiary of the DORR Group, a private investment firm focused on consumer, technology, and healthcare investments in Asia.

Sinopharm Capital is the investment arm of state-owned drug distribution conglomerate China National Pharmaceutical Group. It primarily operates in China, making investments where it can leverage its sector expertise and resources. Novena represents its first deal in Southeast Asia.

Cedarlake was launched in 2016 by Bao Yi, former CEO of Morgan Stanley's securities business in China. Its portfolio includes BMF Group, a Switzerland-based manufacturer of aerial tramways, gondolas, and chairlifts acquired in 2017.

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