HM Capital hits first close of debut USD fund

Photo: Bloomberg

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. 

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.