<article>Shanghai-based fund manager <a style="color: #000080;" href="http://www.dealstreetasia.com/?s=Long+Hill+Capital+Management" target="_blank">Long Hill Capital Management</a> is raising its first venture fund, and has found an investor in <a style="color: #000080;" href="http://www.dealstreetasia.com/?s=International+Finance+Corp" target="_blank">International Finance Corp</a>., the private lending arm of the World Bank.</article>

Shanghai-based fund manager <a style="color: #000080;" href="http://www.dealstreetasia.com/?s=Long+Hill+Capital+Management" target="_blank">Long Hill Capital Management</a> is raising its first venture fund, and has found an investor in <a style="color: #000080;" href="http://www.dealstreetasia.com/?s=International+Finance+Corp" target="_blank">International Finance Corp</a>., the private lending arm of the World Bank.
IFC plans to invest $15 million in the fund, according to a filing. The target size of the new fund has not been disclosed.
The venture arm, to be named Long Hill Capital Venture Partners, will focus on health and consumer services investments in China. It will provide capital to early stage services companies.
Long Hill founder Xiaodong Jiang, a PhD in computer science from University of California, Berkeley, is Managing Director at New Enterprise Associates. He has incorporated the new fund in the Cayman Islands as an exempted company with limited liability. Long Hill Capital Management will be managing the fund.
The fund will invest about 75 per cent of its capital in healthcare services, at a time when the Chinese government is trying to improve the reach of healthcare to more remote parts of China.
Long Hill Capital sees IFC as a strategic investor, given IFC&#8217;s focus on mobile health and IFC&#8217;s investments in the wider healthcare sector. IFC will also consider investing in Long Hill&#8217;s portfolio companies who might need additional funding.
Long Hill&#8217;s new fund is being raised when deals in China&#8217;s life-sciences sector topped $30 billion last year, a rise of 70 per cent from 2014, according to consultancy firm ChinaBio. There are 13 healthcare startups in China which have a valuation of more than $1 billion, also known as unicorns.
Some of the nation&#8217;s biggest internet firms such as Alibaba Group Holding Ltd. and Baidu Inc. are also investing in the healthcare business, which is expected to have $180 billion in sales by 2020, according to IMS Institute for Healthcare Informatics.
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<a style="color: #ff0000;" href="http://www.dealstreetasia.com/?s=healthcare" target="_blank">Swedish PE firm EQT sells entire 49% stake in Singapore’s Econ Healthcare</a>

Shanghai-based fund manager Long Hill Capital Management is raising its first venture fund, and has found an investor in International Finance Corp.

Exclusive: IFC may invest $15m in Long Hill Capital's first venture fund

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Exclusive: IFC may invest $15m in Long Hill Capital's first venture fund

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