CICC Capital said to pull in $229m for biomedicine fund

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China International Capital Corporation’s private equity arm has reportedly raised RMB1.6bn ($229m) for its latest biomedicine fundraise.

CICC Capital was initially targeting RMB1.5bn for the fund when it launched in October Last year, according to an official statement seen by DealStreetAsia.

The firm pitched in RMB 20m ($2.9m) of its own capital to the vehicle, which it claims is one of the largest biomedicine funds to be raised in the last two years.

The investors included Hebei Port Group, Shenzhen-listed Pharscin Pharma, Xiamen Fig Group, Fujian Sunner Group, Huirong Qide Investment, Xi’an Huirong and Sichuan Daily Press Group’s Xinwen Venture Capital.

CICC was launched in 2017 and has more than RMB 300bn ($42bn) in assets under management through its government-backed funds, according to its website.

The firm’s investment strategies including venture capital, growth, buyout and distressed investment.

Last month, French biotech investment house, Jeito Capital, launched with a €200m institutional investor-backed fund.

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