Chinese PE Huagai Capital builds $124m RMB continuation fund for healthcare assets
Photo by Josh Appel on Unsplash
May 24, 2021
Huagai Capital, a China-focused private equity firm that invests in healthcare, TMT, and culture sectors, has restructured its healthcare investments into an 800-million-yuan ($124.4 million) continuation fund.
Shenzhen Capital Group, a Chinese investment conglomerate with about 412.2 billion yuan ($64.1 billion) in total assets under management (AUM), co-launched the fund as its biggest limited partner (LP). Hong Kong-based TR Capital, which specialises in secondary PE investments in the Asia-Pacific region, was another cornerstone LP.
The transaction saw Beijing-based Huagai restructure six healthcare investments from three of its existing funds into the new RMB-denominated continuation fund – a vehicle built to take on the portfolio investments of a fund that is nearing the end of its lifespan. By setting up a continuation fund, LPs are given the o
China’s Legend Capital closes healthcare continuation fund after $270m secondary deal
Photo by Hush Naidoo on Unsplash
May 20, 2021
Legend Capital, a subsidiary of China’s Legend Holdings, announced that it has closed its healthcare continuation fund LC Healthcare Continued Fund I having raised $270 million from a secondary transaction.
A continuation fund is a vehicle that takes on the portfolio assets of a vintage fund that is nearing the end of its lifespan. LPs are given the option to cash out, or to stay invested by recommitting to the new vehicle.
The latest secondary transaction involved assets from Legend Capital’s two older vehicles, the VC firm said in a statement. The latest fundraising was “co-led by accounts managed by Hamilton Lane and Coller Capital, with participation from other institutional investors”.
/PRNewswire/ Legend Capital announced today that the firm has closed LC Healthcare Continued Fund I, L.P., having raised US$270 million for a secondary.
Legend Capital Announces Successful Closing of Healthcare Continuation Fund prnewswire.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from prnewswire.com Daily Mail and Mail on Sunday newspapers.