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.