Early this month, DEALSTREETASIA reported that the second fund raised more than $252.167 million, up from the initial $200-million target that the firm set in June.
In a statement, Long Hill Capital said the second fund saw the participation of various investors, including global pensions, endowments, foundations, financial institutions, family offices and fund of funds.
Most investors in the first fund have returned to back the second fund as well, including the San Francisco Employees Retirement System, New Enterprise Associates, and Asia Alternatives LLC.
The second fund comes nearly two years after the final close of Long Hill Capital’s inaugural fund at $125 million. The first fund targets early-stage investments in technology-enabled healthcare and consumer services companies based in China.
Long Hill Capital invests in technology-enabled healthcare and consumer companies. Its portfolio includes cancer hospital group Hygeia, Chinese clinic operator GST Clinics, Chinese oncology AI firm LinkDoc, fashion marketplace oFashion, unmanned snack bars Lingwa, and internet service platform for overseas education 51offer, among others.
“Technology is transforming every industry in China, and nowhere is that more evident than the huge opportunities for disruption we are seeing in deep verticals such as China’s $900-billion healthcare sector,” said Xiaodong Jiang, Managing Partner of Long Hill Capital.
According to its website, the Long Hill Capital partners have made nine early-stage healthcare investments, which have reached over $4 billion in aggregate market value and another eight early-stage consumer investments which have reached over $2.5 billion in aggregate market value.
Long Hill founder Xiaodong Jiang is a PhD in computer science from University of California, Berkeley. He has incorporated Long Hill Capital in the Cayman Islands as an exempted company with limited liability.