Lyfe Capital Closes $298M Debut China Healthcare Fund

Lyfe Capital, a Chinese healthcare-focused private equity firm, has closed its debut fund at US$298 million to make early-stage equity investments in the the pharmaceuticals, medical device, digital healthcare, diagnostics sectors in China, according to a company announcement.

The fund is made of two vehicles, a US$210 million U.S. dollar fund and a RMB555 million (US$88 million) RMB-denominated fund.

Limited partners in the fund include U.S. and European pension funds, financial institutions, government funds, and publicly listed healthcare companies in China.

Shanghai-based Lyfe was recently established during the third quarter this year by former Vivo Capital partner James Zhao and former IDG Capital Partners executive Drake Yu.

In August, Lyfe Capital teamed up with Sequoia Capital and Legend Star to invest RMB150 million (US$23 million) series A+ round in Guangzhou-based cancer diagnostic start-up Burning Rock Biotech.