CICC raises $229m for China healthcare fund
China's CICC Capital has raised RMB1.6 billion ($229 million) for its first fund dedicated to the biopharmaceutical space.
The CICC Qide Innovative Biopharmaceutical Equity Investment Fund was oversubscribed and achieved a final close not long after launch, according to a statement. LP commitments came from fund-of-funds and other institutional investors, corporates, and high net worth individuals who are customers of CICC's wealth management unit. It is said to be one of the largest renminbi-denominated biomedical funds raised in recent years.
Following the outbreak in China of COVID-19, a new strain of the coronavirus, CICC has helped several potential portfolio companies accelerate research and fabrication of diagnosis kits, anti-viral drugs, and vaccines. CICC Qide was the first private equity fund to receive fast-tracked approval from the Asset Management Association of China (AMAC) by virtue of its focus on areas related to epidemic prevention and control.
“As a result of the epidemic, China's biopharmaceutical industry not only faces innovation challenges, it also has a rare opportunity for development,” CICC said. "CICC Qide Fund will continue to search for portfolio companies with global-leading standards and grasp opportunities for industry reform and upgrades."
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