General Atlantic promotes China healthcare head
Lefei Sun, who helped establish and now leads General Atlantic’s healthcare and life sciences business in China, has been promoted to managing director.
Sun joined the firm in 2018 from Huatai Healthcare Investment Fund, of which he was the founding partner. Before that, he held various healthcare-focused roles at Hony Capital, Credit Suisse, OrbiMed and Orchid Asia. Sun helped lead General Atlantic’s investments in cardiology hospital operator Hong Kong Asia Medical Holdings and OcuMension, a biotech platform specializing in ophthalmology.
Speaking to AVCJ last year about the $150 million investment in Asia Medical, Sun explained it was a conscious effort to target the middle market. The company’s network includes heart hospitals in Wuhan and Urumqi that, unusually for private sector players, accept patients who pay through China’s national health insurance system, which was rolled out to all urban residents in 2010.
“The group at the top end of the society has its top-end needs, while the mid-market has its own needs, which are the focus for Hong Kong Asia Medical,” he observed. “A lot of patients still think the company’s hospitals are public ones because they have a down-to-earth vibe as well as a good reputation.”
General Atlantic has also promoted Roger Gao, a Hong Kong-based investor who focuses on technology and financial services, to principal, according to a statement. Gao arrived from Goldman Sachs in 2012 and has since participated in investments in the likes of 58.com, Ant Financial, ByteDance Technology, Futu, Mafengwo, Meituan-Dianping, and NetEase Cloud Music.
General Atlantic is a global growth equity investor. Its Asia footprint includes offices in Beijing, Hong Kong, Jakarta, Mumbai, Shanghai, and Singapore. The Jakarta base opened earlier this year and is led by Ashish Saboo, previously of PwC and local conglomerate CT Corp.
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.