CR Capital partners with Tencent unit to launch $147m healthcare fund

Source: Hike Shaw/Unsplash

State-owned China Resources Group’s investment vehicle CR Capital has entered into an agreement with tech giant Tencent’s digital health service arm Tencent Trusted Doctors and three Chengdu local government groups to launch a 1 billion yuan ($147 million) healthcare fund, CR Capital posted on WeChat on Tuesday.

The three Chengdu local government-led entities are Chengdu Industry Investment’s subsidiary Chengdu Advanced Manufacturing Investment, Chengdu Hi-tech Investment Group, and Chengdu Xincheng Investment Group.

Financial details were undisclosed. CR Capital will serve as the fund manager. 

The fund will be invested in mass healthcare including medical specialists, primary care, and emerging healthcare services. The establishment of CR Tengkang will help to enhance investment strategy in mass healthcare, and will facilitate further partnerships with Chengdu authorities, CR claims.  

Founded in Hong Kong in 2006, CR Capital targets seven industries: healthcare, urban development and operation, mass consumption, energy utilisation, new materials, innovation technology, and energy savings and environmental protection.

As of June this year, CR Capital has 112 billion yuan ($16.54 billion) in assets under management. In addition, it managed 17 industry funds in China and beyond which include six healthcare care funds such as CMH Healthcare Fund and Jinrun Fund.

CR Capital’s healthcare-based portfolio comprises US Gaithersburg-based drug maker Sirnaomics, US clinical stage biopharmaceutical firm Legend Biotech, Suzhou-based CF PharmaTech, WuXi AppTec’s cell immunotherapy innovator JW Therapeutics, and Shanghai-listed Chengdu Kanghua Biological Products. 

Tencent set up Tencent Trusted Doctors when it merged its arm Tencent Doctorwork with Shanghai-based digital healthcare network Trusted Doctors in August 2018, with an aim to advance its online and offline medical network in China. 

Tencent Trusted Doctors develops one-stop solutions through online channels covering consultancy, big data healthcare management, and overseas medical service. Besides, it has built more than 130 brick-and-mortar clinics in the country.

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.