China’s HighLight Capital achieves first close of third RMB fund

Chinese Yuan notes. Photo: Reuters

Chinese healthcare-focused investment firm HighLight Capital has reached the first close of its third RMB-dominated fund at about 70 per cent of the hard cap, AVCJ reported.

Financial details of the fund were not disclosed.

Launched in 2014 by CDH Venture partner Wang Hui and and former SB China Capital (SBCVC) partner Zhao Gang, HighLight Capital raised $300 million for its debut US dollar fund the same year. It was reported to have reached the close of its second US dollar-denominated fund at a hard cap of $250 million in October 2017.

With a focus on the healthcare sector, the firm’s investment strategy spans all stages of a company’s growth with an emphasis on the early and expansion stage. Its investment size typically ranges from less than a million to hundreds of million per company in sectors including medical services, mobile health, medical equipment and biopharma.

According to Crunchbase data, the firm has made a total of 19 investments from the three funds till date.

Earlier this month, HighLight, along with Sequoia Capital China, led a RMB550 million ($80-million) pre-IPO funding round for BrightGene Bio-Medical Technology, a Chinese developer of innovative and generic drugs. In November, it participated in a Series A funding round of GenFleet Therapeutics. It was also one of the lead investors in a $25.83-million Series A funding round of Chinese biotech firm Biothus.

Some of its other investments include Cui Yutao Health Management Centre, founded by noted Chinese pediatrician Dr Cui Yutao, healthcare technology and smart device firm Kyee, medical device company Yuwell, Israel-based medical device innovation center Rainbow Medical, among others.

Last year, in December, China-focused fund manager FountainVest Partners had reportedly reached the final close of its debut RMB-dominated vehicle at RMB1.7 billion ($246.5 million). Another Chinese firm, Fortune Venture Capital, raised RMB4.63 billion ($667 million) for its new RMB currency fund in October. In May, GGV Capital, an early Alibaba backer, had raised 1.5 billion RMB (nearly $236 million) for its first RMB-denominated fund.

Also Read:

FountainVest Partners closes debut RMB fund at $246.5m

Lightspeed China to raise $560m across two new VC funds

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.