China-based clinical development services provider Hangzhou Tigermed Consulting has committed up to $12m for a $62m biotech-focused fund dubbed TG Sino-Dragon Fund, DealStreetAsia reported today.
The dollar-denominated vehicle will be co-sponsored by Singaporean government-owned investment firm Temasek and will target early to growth-stage opportunities in the biotech and contract research spaces.
Tigermed will put up the cash through subsidiaries TG Sky Growth and TG Mountain, and the latter is the fund’s general partner. Temasek investment vehicle Birchtree Fund Investments is also committing capital to the fund.
Founded in 2004, Tigermed provides research services outsourced from biotech and medical device developers, fulfilling functions such as setting up and helping to conduct clinical trials.
The company expects TG Sino-Dragon to offer scope to leverage and enhance its expertise, which will in turn inform the fund’s investments.
TG Sino-Dragon Fund will be able to commit up to 20% of its fund size in a single deal, equating to approximately $12.4m. Each transaction will be scrutinised by a three-person investment board featuring Tigermed founder and chairman Ye Xiaoping.
In addition to TG Sino-Dragon, Tigermed plans to make RMB15m ($2.1m) commitments to healthcare-focused funds run by investment firm Hyfinity Investments and Legend Capital, the venture capital firm launched by conglomerate Legend Holdings.
The corporate is also set to commit an additional $5.7m to a vehicle known as Boquan Investment Fund, according to Yicai Global.