<article>Panacea Venture, a venture capital firm backed by <a href="https://www.dealstreetasia.com/?s=KPCB%20China">Kleiner Perkins Caufield &amp; Byers</a> (KPCB) China partners James Huang and Hai Mi, is raising $150 million for a new fund, according to a filing with the US Securities and Exchange Commission (SEC).</article>

Panacea Venture, a venture capital firm backed by <a href="https://www.dealstreetasia.com/?s=KPCB%20China">Kleiner Perkins Caufield &amp; Byers</a> (KPCB) China partners James Huang and Hai Mi, is raising $150 million for a new fund, according to a filing with the US Securities and Exchange Commission (SEC).
The fund, Panacea Venture Healthcare Fund I, is expected to back early-stage healthcare investments in China.
Launched last year, Panacea Venture names Huang and Hai as its directors. Both are managing partners at KPCB China. The SEC filing did not disclose a first close.
An earlier report said Panacea started gearing up for the fundraising in early September last year.
An unnamed source also revealed that Huang has already formed a team of seven investment professionals for Panacea Venturers, with plans to bring in up to five more before the first fund holds its final close.
Atlantic Pacific Capital has been hired as the placement agent for the fundraising, according to the SEC filing.
Fund managers are betting big on China&#8217;s healthcare industry, which is expected to see growth because of the country&#8217;s rising income and aging population. According to the World Health Organisation, China&#8217;s population of individuals aged 60 or older is set to rise 90 per cent to 240 million by 2020.
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Panacea Venture, a venture capital firm backed by Kleiner Perkins Caufield & Byers (KPCB) China partners James Huang and Hai Mi, is raising $150 million for a new fund.

KPCB China partners-backed Panacea to raise $150m healthcare fund

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KPCB China partners-backed Panacea to raise $150m healthcare fund

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