China-based healthcare services provider Concord Medical Services launched a RMB1bn ($150m) strategic investment fund in partnership with investment firm Zhongrong International Trust (ZRT) on Friday.
Concord provides radiotherapy and diagnostic imaging services to patients in a chain of 123 centres across 52 Chinese cities. The centres are located on the sites of its partner hospitals, for which it supplies technology and expertise.
The firms agreed in October 2016 to establish Zhongrong Taihe Healthcare Fund, and put up the financing for the unit through respective subsidiaries Beijing Concord Medical Technology and Zhongrong Guofu Investment Management.
The fund will look to make strategic investments that will help Concord grow its cancer diagnosis and treatment offering, though the firms have not revealed firm details regarding the precise areas in which it will deploy its capital.