IDG Capital Partners, a venture capital affiliate of technology research and media company International Data Group, has closed a renminbi-denominated VC fund, China Money Network reported yesterday.
The size of the fund, which reached its target within four months, has not been disclosed. It will seek out opportunities in the healthcare sector in China.
Founded in 1993, IDG Capital focuses its investments on the Chinese market and has since built a portfolio of more than 400 companies. A total of 15 are in the healthcare sector, including cosmetic surgery clinic chain Pengai Hospital and Magnex, which manufactures magnets for MRI scanners.
China’s healthcare sector is expected to be worth more than $1.2 trillion by 2020. Investments increased to $3.5bn in 2015, a 151% increase on 2014, China Money Network wrote citing data from research firm ChinaVenture.