China's Yingke closes renminbi, US dollar funds
Shanghai-based Yingke Private Equity has raised RMB10 billion ($1.57 billion) for its latest renminbi-denominated fund as well as an undisclosed sum for a third US dollar vehicle.
The renminbi fund - called Yingke Technology Innovation Industry Fund - is backed by financial institutions, government guidance funds, and corporates. For this vintage, coverage will expand from angel investments all the way through to pre-IPO and PIPE deals.
Recent investments include participation in a RMB500 million Series D for medical devices manufacturer Hanyu Medical and in a RMB10 billion round for electric vehicle manufacturer WM Motor.
Yingke received commitments of RMB15 billion in 2020, which the firm claims puts it in the top three Chinese GPs by annual fundraising. There were three final closes during the 12-month period, including RMB4 billion for an emerging technology fund and RMB10 billion for a vehicle that focuses on core technology and biomedical science assets.
The new US dollar fund will also target biomedical assets across all stages. This was one of few details Yingke disclosed about the vehicle, apart from saying the re-up rate was 60%. Early investments include drug developer CANbridge Life Sciences.
Yingke raised its first US dollar fund in 2019. The US dollar portfolio features the likes of Hong Kong-listed Genor Biopharma, innovative drug developer Haihe Biopharma, oncology specialist Adlai Nortye Biopharma, and anti-viral drug developer ArkBio.
Since its establishment in 2010, Yingke had made around 120 investments and secured 53 exits. Its overall IRR is 53.8%.
The firm is a mixed-ownership enterprise with shares held by large financial institutions and a number of state-owned enterprises. Assets under management (AUM) totaled RMB50 billion at the end of 2019. In addition to private equity, Yingke runs strategies for convertible bonds and quantitative investments.
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