Shanghai-based BVCF, a growth capital-focused private equity fund specializing in the life sciences industry, has completed a final close of its third fund, raising a total of US$200 million, according to media reports.
The fund, named BVCF III, L.P., was launched in June 2011.
It will focus on equity investments in early- and growth-stage companies in pharmaceuticals, biotechnology, traditional Chinese medicine, medical technology, healthcare services, industrial and environmental biotechnology.
Last June, IFC, a member of the World Bank Group, proposed to make an investment of up to US$20 million for BVCF III. It previously invested US$4.65 million in BVCF’s first vehicle and put US$10 million into the second fund.
BVCF’s second China fund closed at US$90 million in 2008, and its debut fund raised US$21 million in 2005.
Founded in 2005, BVCF, formally known as BioVeda China, has invested in companies including Citic Pharmaceuticals, Allgens Medical Science and Technology, Novast Laboratories, Cathay Industrial Biotech, Biocytogen and Nexchem.
The company is led by Dr.Yang Zhi 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.
Last August, BVCF led a US$25 million series B round of financing for bio-pharmaceutical company MicuRx Pharmaceuticals, Inc.
This January, BVCF led a RMB45 million ($7.5 million) series A financing for Kunshan, Jiangsu Province-based RiboQuark Pharmaceutical Technology.