China-based private equity firm BVCF has closed its third fund at $200m, with investors in the fund including Switzerland-based healthcare company Novartis, according to Asian Venture Capital Journal.
Founded in 2005 under the name BioVeda China, BVCF is a dedicated life sciences investor, and its investments have included Citic Pharmaceuticals, which was sold to the state-owned Shanghai Pharmaceuticals in 2010, MicuRx Pharmaceuticals, Novast and Souzhou Ribo Life Science. Its first fund closed in 2005 at $21m and its second in 2011 at $90m.
Novartis invested in BCVF III alongside US-based not-for-profit healthcare group Mayo Clinic, the World Bank-affiliated International Financial Corporation, which invested $20m, Adveq, Obviam, Blackrock, Munich Private Equity Partners, Avanz Capital, W.K. Kellogg Foundation, Investor AB, Starling Group, Hanking FoF, Bio1, New Enterprise Associates and Magic Stone.
BVCF managing partner Zhi Yang told AVCJ that the firm, which targets companies with an enterprise value of $50-100m, will seek to form partnerships with US-based venture capital firms in order to complete cross-border deals, and will also look to establish joint ventures with international pharmaceutical and medical devices companies so that their technology can be commercialised in China.