China's Oceanpine raises $400m for tech, healthcare deals
Chinese technology and healthcare investor Oceanpine Capital has completed its first external fundraise with $400 million in commitments.
The firm was established in 2016 by Dave Chenn, who previously established China Century Group in 2005. Its debut fund of $400 million came from internal sources. That vehicle is now fully invested and has secured two full exits and four IPOs, with distributions to paid-in (DPI) of 50%. Three more portfolio companies will file for IPOs in the next 12 months, according to a statement.
Through Fund I and other investment vehicles, Oceanpine has deployed more than $1 billion across more than 40 companies, among them artificial intelligence (AI) computing-power specialist Enflame Technology, Ansun Biopharma, Horizon Robotics, autonomous driving technology developer Black Sesame, and US-based graphical database platform TigerGraph.
It launched the second vehicle in December 2019, targeting $400 million. A first close of $200 million – with a GP commitment of 30% - came in May. Other LPs include Asian insurance companies and asset managers, as well as corporates, the founders and CEOs of prominent technology companies, venture capitalists, and family offices.
About half of Fund II has already been invested across 10 deals. Oceanpine re-upped in Enflame’s Series B and backed enterprise software provider XforcePlus, AI healthcare technology company XtalPi, semiconductor equipment supplier Best, AI recruitment platform Hiretual, clinical-stage biologics company Sinovent, and biotech players Apexigen, Apollomics, and Creative Biosciences.
Oceanpine, which is headquartered in Beijing and has offices in Hong Kong and Silicon Valley, describes its sweet spot as early to late growth-stage companies with applied disruptive technologies and proven innovative business models that address mass-market demand. AI, 5G, the internet of things, big data, enterprise software, semiconductors, and biotech are all areas of interest.
The firm aims to differentiate itself through strategic cooperation funds established with portfolio companies. These include the Horizon-Oceanpine Artificial Intelligence Ecological Fund, Piaoyitong Enterprise Service Fund, and Beidou-Oceanpine High-tech Fund.
"On one hand, we can increase M&A exits through these funds; on the other hand, these funds can help us find high-quality projects in upstream and downstream industry supply chains,” Chenn told AVCJ after the first close.
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