HighLight hits $300m first close on China healthcare fund

Steven Wang, the firm's founder and managing partner, told AVCJ the close came in January, three months after launch. Existing LPs - among them sovereign wealth funds, pension funds and large financial institutions - account for more than 90% of commitments. The overall target for the vehicle is $400-450 million.

The final close is not expected until the autumn, given the disruption caused by the coronavirus. "Given the situation and our strong first closing, postponing our final closing would be beneficial to potential LPs as they would plan their work and monitor our performance at a comfortable pace," Wang said. He noted that HighLight's listed portfolio companies had gained between 4% and 80% in the first 10 trading days after the Chinese New Year, reflecting the strength of the country's healthcare sector.

Founded in 2014, HighLight has $1.4 billion in assets under management. Last year, the firm closed its third renminbi fund on RMB1.8 billion ($257 million). In 2017, the second US dollar fund closed at $250 million.

Previous investments include Mindray Medical International, China's largest medical equipment manufacturer, and WuXi AppTec, the leading contract pharmaceutical R&D services provider. Both went public in 2018. Meanwhile, at the start of last year, HighLight and Sequoia Capital China led a RMB550 million pre-IPO funding round for BrightGene Bio-Medical Technology, a local drug developer.

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Save this article  
• Send to  

• Topics
• Greater China
• Healthcare
• Fundraising
• Growth
• China
• Pharmaceuticals
• HighLight Capital