River Head Capital hits first close on latest reminbi fund
China’s River Head Capital has achieved a first close on its second Innovation Growth Fund, a renminbi-denominated vehicle that has an overall target of CNY 2bn (USD 135m).
The firm said the first close accounted for 70% of the target corpus. Institutional investors represent 95% of commitments to date, among them insurance companies, listed corporates, and both state-backed and independent fund-of-funds.
The fund strategy is defined as healthcare and emerging technology. Key themes include clinical applications within healthcare, structural opportunities around industrial innovation and upgrades, and technological breakthroughs in traditional industries.
The first close takes Riverhead's total assets under management to CNY 30bn. The firm, which was established in 2015, claims to be the first GP in China initiated by insurers.
It has invested in more than 70 companies, of which 14 have gone on to complete IPOs.
In healthcare, the portfolio features biopharma players Sirnaomics, Lepu Biotech, Tricision Biotherapeutics, and Trinomab, and medical device manufacturers Mindray Medical, Yingsheng Biology, and SiBionics.
On the hard-tech side, River Head has backed recently listed artificial intelligence (AI) specialist Sensetime, chip designers Enflame and Innogrit, and AInnovation, an AI consulting business established by Sinovation Ventures.
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