Lake Bleu raises $560m for Asia pre-IPO healthcare fund
Lake Bleu Capital, a Hong Kong-based private equity investor focused on healthcare, has raised $560 million for a pre-IPO fund targeting Asia with an emphasis on Greater China.
LBC Sunshine Healthcare Fund II was raised in a single closing and benefited from COVID-19 creating healthcare sector opportunities in China, according to a statement.
Lake Bleu was set up in 2015 as a platform targeting mid to late-stage healthcare companies in both public and private markets. Its first Sunshine-branded private equity fund closed at $141 million last year. This coincided with the establishment of a hedge fund with $820 million in commitments.
The firm describes itself as a “multi-billion-dollar” asset manager and maintains a presence in Shanghai. Its investors are said to include a global mix of sovereign wealth funds, endowments, foundations, pensions funds, and family offices.
The investment strategy encompasses the entire healthcare value chain, including pharmaceuticals, biotech, medical devices, and services. Lake Bleu was one of six cornerstone investors in the HK$26.9 billion ($3.5 billion) Hong Kong IPO for online-to-offline pharmacy and medical consultations platform JD Health in December.
Standout investments also include Chinese drug developer Akeso Biopharma and diagnostics supplier Broncus. Lake Bleu joined an approximately $140 million round for Akeso in 2019 ahead of a HK$2.6 billion Hong Kong IPO the following year. Last October, it led a Series C round for Broncus with support from Baidu Capital, Ascendum Capital, DCP Capital Partners, and Qiming Venture Partners.
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