CICC Capital, the private equity arm of China-based investment bank China International Capital Corporation, has secured more than RMB1.6bn ($229m) from multiple corporates for a biomedicine fund, DealStreetAsia reported on Friday.
Port operator Hebei Port, pharmaceutical firm Pharscin Pharma, real estate services provider Xiamen Fig, poultry processor Fujian Sunner and Xinwen Venture Capital, the investment arm of newspaper publisher Sichuan Daily Press, are all among the limited partners for the fund.
The fund’s backers also include Huirong Qide Investment and Xi’an Huirong in addition to several undisclosed limited partners, according to DealStreetAsia. Pharscin has supplied approximately $4m for the fund in return for a stake of about 1.8%.
The vehicle was launched in October 2019 with a target of $215m for its final close. It will concentrate on developers of biological medicines.
CICC Capital was formed in 2017 and now has more than $42bn in assets under management, overseeing a range of funds denominated in either US dollars or Chinese renminbi.
The firm’s existing vehicles include the $1bn Healthcare Industrial Fund, which was set up in November 2019 in partnership with pharmaceutical firm AstraZeneca to target healthcare technology developers based in China.
