China-based healthcare-focused venture firm Quan Capital is looking to raise $300 million for its second fund, according to a filing with the SEC dated August 30.
The target is twice the amount the firm managed to raise for its first fund, Quan Venture Fund L.P.
Closed at $150 million in August last year, the inaugural fund focused its investments on novel therapeutics, as well as related areas such as enabling technologies and companion diagnostics.
Among the companies backed by the fund was Crescendo Biologics Ltd, a developer of multi-functional biologics with a focus on novel targeted T-cell engagers. Quan Capital participated in the startup’s $70-million Series B financing round earlier this year, which was the largest disclosed Series B biotech financing in Europe in 2018.
Other companies in the firm’s portfolio include Tempest Therapeutics, Centrexion Therapeutics, resTORbio and ARMO BioSciences.
Based in Shanghai, Quan Capital is a venture capital firm that invests globally in healthcare, pharmaceutical, and biotech startups. On its website, the firm says it identifies, incubates and invests in early and growth stage companies with a specific focus on therapeutic biotech/pharma, enabling technologies and Companion diagnostic & precision medicine.
Quan Capital is investing in a space that has seen increasing interests from venture capital and private equity players.
Earlier this year, Panacea Venture, a venture capital firm backed by Kleiner Perkins Caufield & Byers (KPCB) China partners James Huang and Hai Mi, was reported to be raising $150 million for a new fund, while European investment firm Tikehau Capital and Singapore-based SPRIM Ventures announced the first close of their joint healthcare-focused venture capital (VC) fund at $50 million.
In July, Japanese robotics venture firm Cyberdyne Inc announced the establishment of an $82-million fund that will invest in companies that operate in the healthcare and cybernic technology spaces – a new domain of research that integrates neuroscience, robotics, systems engineering, information technology, engineering, economics, among others.