3H Healthcare closes second US dollar fund at $330m
3H Healthcare Investment, which specializes in early-stage China biotech and medical devices deals, has closed its second US dollar-denominated fund at the hard cap of $330 million.
The firm, established five years ago by three former members of Hony Capital’s healthcare investment team, launched the vehicle in October 2020. A first close of $80 million was held three months later – timed so that 3H could complete a handful of investments.
3H raised $165 million for its debut fund in 2016, primarily relying on commitments from individuals. Two corporates from the healthcare sector participated.
Every institutional LP re-upped for Fund II, but 3H actively sought to cultivate a broader investor base. It received commitments the likes of sovereign wealth funds, insurance companies, fund-of-funds, and family offices, according to a statement.
Four Fund I companies have gone public in Hong Kong: medical device manufacturer MicroPort CardioFlow Medtech, biotech players Keymed Biosciences and InnoCare Pharma, and vaccine developer CanSino Biologics.
These investments reflect 3H’s innovative biotech and medical devices-heavy strategy. The VC firm has also backed the likes of Edigene, a genome editing specialist, Haihe Pharmaceutical, an anti-tumor drug developer, Edge Medical Robotics, a robot manufacturer, and Hemo Bioengineering, which produces equipment used to treat stroke patients.
3H’s chairman is Shunlong Wang, who held operational roles in the healthcare sector before spending 10 years at Hony through mid-2015 as head of healthcare investment. The other two founding partners, Li Sheng and Minchuan Wang, were part of the same team. The three have worked together for 12 years. They are supported by six investment professionals.
The VC firm’s total assets under management now stand at more than $600 million, including a renminbi fund of RMB822 million ($128.5 million) that closed in 2018.
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