China’s Long Hill Capital closes second fund at $262m

Long Hill founder Xiaodong Jiang.

Chinese venture firm Long Hill Capital has announced the final close of its second fund, Long Hill Capital Venture Partners 2, after raising $265 million in commitments.

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.

Also Read:

Long Hill Capital closes $125m debut fund, targets health-tech firms in China

China’s Long Hill Capital raises more than $252m for second fund

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.