HM Capital, a healthcare-focused investment firm affiliated with Hillhouse Capital, has announced the closing of its debut RMB-denominated fund at 2 billion yuan ($310 million).
The maiden fund drew commitments from listed companies, financial groups, funds of funds, family offices, and government funds, HM Capital said in a WeChat post.
It completed raising the first tranche in July 2019. During the period, HM Capital has invested in US-based pharmaceutical firm OncoImmune Inc and Beijing-based healthcare SaaS platform Yibai Technology.
HM Capital was founded in 2018 by Rushu Luo who was previously with The Ohio State University and HM Healthcare Management Service, a JV between Hillhouse Capital and Mayo Clinic.
HM Capital has been active in early and growth-stage medical care investments targeting areas covering biotechnology, medical service, medical equipment, and healthcare informatics.
Some of its portfolio companies have recently filed for their initial public offering applications in China. These include nanomicrosphere materials supplier Suzhou NanoMicro Technology, contract research organization R&G, SMO ClinPlus, Huigeene Therapeutics and dental clinic brand Harmony Long.
Chinese investment firms have been ramping up investment plans in the life sciences space. CICC Capital recently announced the second closing of its biomedicine fund at over 4.2 billion yuan ($648.7 million). In December last year, Dongcheng Capital was seeking $650 million for a new fund – Decheng Capital Global Life Sciences Fund IV.