Pivotal Bioventure Partners China, a China-based life sciences investment vehicle set up by property development group Nan Fung, has closed its latest fund at $150m.
Pivotal incubates and builds life sciences technology companies, focusing on pharmaceuticals, medical devices and healthcare services capable of meeting the requirements of the Chinese market.
Overseen by Nan Fung subsidiary Nan Fung Life Sciences, the firm primarily looks to license innovative technologies that will form the basis of new companies that will then use them to develop products.
Pivotal is being co-led by managing partner Jimmy Wei, who has recent experience at iBridge Capital and KPCB China.
The close of the new fund, Pivotal bioVenture Partners China USD Fund I, comes just over a year after Pivotal raised $300m for its first fund, Pivotal BioVenture Partners Fund I.
Meng Gao, formerly a managing director at Blackstone’s Private Equity Group, and Shannon Cheung, founder and former CEO of investment firm Averest Capital, are also heading up the vehicle.
Wei said: “The vision of Pivotal China is to create a life sciences ecosystem to generate synergies among portfolio companies and foster the innovations in China.
“We are doing this by building one of the most experienced teams among our peers, and by combining a broad global exposure with strong expertise in the local Chinese market.
“Leveraging on Nan Fung Life Sciences’ presence in the US and Europe, we hope to actively source cutting-edge innovative technologies.”