Hillhouse’s HM Capital closes its debut RMB fund at $310m

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. 

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.