Ince Capital, a China-based venture capital firm backed by medical researcher and care provider Mayo Clinic, is close to raising up to $500m for a second fund, Bloomberg has reported.
The firm raised $352m for its debut fund in late 2019 from LPs including Mayo Clinic and endowment funds from institutions including the University of Pittsburgh, Duke University and Carnegie Mellon, and is targeting $350m to $500m for this vehicle, according to people familiar with the matter.
Gan Jianping and Steven Hu, who had previously been managing directors at VC firm Qiming Venture Partners, co-founded Ince Capital with Paul Keung, a former chief financial officer for online education provider iTutor Group.
