IFC’s investment is not to exceed 10% of the total capital of the fund. Shanghai-based BioVeda is targeting to raise US$200 million to invest in growth-stage life sciences and healthcare companies in China.
This is not the first time IFC has invested in BioVeda funds. In 2005, IFC invested US$4.65 million in BioChina, L.P., its inaugural life sciences fund. Then in 2007, IFC committed US$10 million in BioVeda China Fund II, L.P.
The third fund will make equity investments in early- and growth-stage companies in pharmaceuticals, biotechnology, traditional Chinese medicine, medical technology, healthcare services, industrial and environmental biotechnology.
BioVeda has invested in companies such as Citic Pharmaceuticals, Allgens Medical Science and Technology, Novast Laboratories, Cathay Industrial Biotech, Biocytogen and Nexchem.
BioVeda is led by Dr. Zhi Yang and managed by a team of experienced professionals who have been working together since 2005. The team is based in Shanghai and has an office in Beijing.