China’s CICC Capital raises over $229m for biomedicine fund

CICC Capital, the private equity arm of Hong Kong-listed investment bank China International Capital Corporation Limited (CICC), has raised over 1.6 billion yuan ($229 million) for a biomedicine fund, it said in a statement.

Launched by CICC Capital in October 2019, the fund was originally aiming to collect 1.5 billion yuan ($215 million). It seeks to invest in the biological medicine industry.

As the fund manager, CICC put in an aggregate of 20 million yuan ($2.9 million) in the vehicle. The other investors include state-owned Hebei Port Group, Shenzhen-listed Pharscin Pharma, Xiamen Fig Group, Fujian Sunner Group, Huirong Qide Investment, Xi’an Huirong and Xinwen Venture Capital, a subsidiary of Sichuan Daily Press Group, among others.

Pharscin has infused 30 million yuan ($4 million) to pick up a 1.84 per cent stake in the fund, according to its filing with Shenzhen Stock Exchange on Friday. 

CICC claims the new fund is one of the largest biomedicine funds in the last two years. 

The fund comes at a time when COVID-19, which appears to have started in central China’s Wuhan city, has resulted in 63,851 infections and 1,380 fatalities in the country as of February 13.

Established in 2017, CICC Capital has more than 300 billion yuan ($42 billion) in assets under management. The firm operates government-backed funds in emerging industries, funds focused on the restructuring of traditional sectors, USD and RMB funds of funds, and USD and RMB private equity funds with various strategies including venture capital, growth, buyout and distressed investment, per its website.

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.