China-based pharmaceutical company Shenzhen Hapalink is to invest $22m in private equity firm TPG’s latest biotech fund, TPG Biotechnology Partners IV, China Money Network reported on Wednesday, citing a recent filing.
No target has been given for the size of the fund, which was established in 2012 and which has now raised $111.6m. TPG Biotechnology Partners, a subsidiary of TPG’s growth equity unit TPG Growth, invests separately to the firm’s dedicated biotechnology subsidiary, TPG Biotech.
TPG Biotechnology Partners IV makes a combination of early and late-stage investments in biotechnology and life sciences companies, including those focused on drug discovery, personalised medicine, medical devices, industrial biotechnology and pharmaceutical services.
TPG Biotech Equity IV is expected to complete its fundraising within the next 12 months. As of June 2014, the fund had invested in four companies, according to the filing.
TPG Growth’s previous biotech fund, TPG Biotechnology Partners III, was launched in 2008.