Voyagers Capital has held the first closing of its maiden US dollar fund to invest in the healthcare sector. Separately, FountainVest Partners has reportedly closed its oversubscribed fourth US dollar fund at $2.9 billion.
Voyagers Capital holds first close of debut USD fund
China’s Voyagers Capital, a newly established healthcare investment firm, has held the first closing of its maiden US dollar fund.
The firm did not disclose the size of the first closing, nor the fundraising target of the fund.
With a mandate to invest in both China and the overseas market, Voyagers Capital was created earlier this month by founding partner Chen Bing, a director of multiple pharmaceutical companies in China, including Hong Kong-listed clinical-stage drug developer Kintor Pharmaceutical; medical devices maker Zylox-Tonbridge Medical Technology; as well as diagnostic product supplier Sansure Biotech and surgical supplies manufacturer Kontour Medical Technology, both of which are listed on the Shanghai stock exchange.
Before building Voyagers Capital, Chen was a partner at HighLight Capital, which manages both RMB and USD funds with a portfolio spanning healthcare, biotech and medical technology. He also had a stint at Infinity Group, after working for about three years at China Resources Pharmaceutical, one of the largest manufacturers of non-prescription drugs in China. Chen holds a Doctor of Medicine degree from Peking Union Medical College at Tsinghua University.
“We are determined optimists. We’re calmer, believing in the intrinsic value of assets, when most investors are staying on the sideline. Although the COVID19 pandemic has slowed down the dealmaking pace, we have gained more time to think through investment decisions. We often reflect on our strategies when the market competition intensifies, in our pursuit of truly valuable and differentiated innovations,” said Voyagers Capital in a statement.
FountainVest closes USD Fund IV at $2.9b: Report
Asian private equity (PE) firm FountainVest Partners has reportedly closed its oversubscribed fourth US dollar fund at $2.9 billion, which is $100 million more than its initial target.
FountainVest already deployed about one-third of the corpus, online publication AVCJ reported Monday. FountainVest did not immediately reply to DealStreetAsia’s request for confirmation on its fundraising update.
The development came about 18 months after Reuters reported the first closing of the USD Fund IV at $1.6 billion. The report, citing one person with knowledge of the matter, said FountainVest targeted to raise $2.8 billion with a hard cap of $3.2 billion.
As its latest USD fund, Fund IV followed the final closing of FountainVest’s oversubscribed third fund — FountainVest China Capital Partners Fund III — at $2.1 billion in September 2016. Limited partners (LPs) of the predecessor fund include pension funds, sovereign wealth funds, insurance companies and other institutions from North America, Europe, Australia, Asia and the Middle-East.
Founded in 2017 and led by former Temasek and Goldman Sachs dealmaker Frank Tang, FountainVest makes “control and growth capital-oriented” investments in businesses that benefit from the growing needs of China’s expanding middle-class, according to its official website. Its focus sectors include consumer, media and technology, healthcare, industrials and financial services.
In March 2021, the firm led a consortium to purchase a majority stake in SPT Group, a Switzerland-based manufacturer of ceramic components, after its acquisition of a controlling stake in contract logistics firm CJ Rokin from its Korea-based parent, CJ Logistics.
It has invested in Zuoyebang, once one of China’s biggest online K12 education platforms before Beijing’s crackdown on the private tutoring industry. Its portfolio companies also include Finland’s Amer Sports, gym operator Pure Fitness, film ticketing and distribution firm Maoyan Entertainment and pharmacy chain LBX.