Riverhead Capital, the private equity (PE) arm of Chinese insurance provider Sunshine Insurance Group, has closed its second RMB fund at 2 billion yuan ($295 million).
The fund, dubbed Xiamen Hongshang Phase II Fund, has around 80% of the same limited partners (LPs) as its previous vehicles, Riverhead Capital said in a statement. The firm counts insurance groups, funds of funds (FoFs), and listed companies as some of its LPs.
In January 2022, Riverhead had announced the first close of the second fund. At the time, it had secured about 70% of its target of 2 billion yuan, DealStreetAsia had reported.
The latest fundraising brings Riverhead’s total assets under management (AUM) to 30 billion yuan ($4.4 billion), according to the announcement.
Founded in 2015, Riverhead Capital focuses on investments in medical care, emerging technology, new consumption, and real estate sectors.
Some of its portfolio companies include medical equipment supplier Mindray, genome sequencing firm QitanTech and artificial intelligence (AI) platform company SenseTime. It has also backed a few Australian- and US-based consumption companies, including Buderim Group, Capilano, Eco-Farms and GrubMarket.
Last May, the PE firm invested in Chinese pet food provider Seek Pet’s pre-IPO funding round which was worth about $75 million. Last December, it also participated in SiBionics’ Series D round worth almost $72 million.
Of the companies it has backed, about 16 have gone public, per the company statement. These include SenseTime, Full Truck Alliance, and Genor Biopharma.