HM Capital, the healthcare-focused affiliated with one of the portfolio companies of private equity firm Hillhouse Capital, on Friday announced that it has reached the first close of its debut USD-denominated fund.
The company did not disclose the first close value or the total corpus of the USD fund.
In its statement, HM Capital said its USD fund will target investments in biotech, medical instrument and digital healthcare.
The development comes after HM Capital closed its first RMB-denominated fund at 2 billion yuan ($305 million) in Jan 2021 after bagging capital commitments from listed companies, financial groups, funds of funds, family offices and government funds.
Its RMB fund has made investments in US-based pharmaceutical firm OncoImmune Inc, Chinese healthcare SaaS platform Yibai Technology, pet healthcare services specialist New Ruipeng Pet Healthcare Group, and dental clinic Harmony Long.
HM Capital, which was set up in 2018 by Rushu Luo, has been active in early and growth-stage healthcare investments. In March, the firm led an over 100 million yuan ($15 million) Series B round of financing in medical equipment supplier Arthrone. Other portfolio companies include biotech startup Huida Gene, contract development organization R&G and SMO management services developer ClinPlus.
“We have built a pipeline of potential projects and are looking to close a few deals soon. Going forward, we will dive deeper into healthcare services and expand our ambit to overseas investments,” said Luo.