Chinese venture firm Long Hill Capital has raised over $300 million for its third fund. The fund’s limited partners include global pensions, endowments, foundations, financial institutions, family offices and fund of funds.
SHANGHAI and BEIJING, April 5, 2021 /PRNewswire/ — Long Hill Capital (“The Firm”), a leading venture capital firm in China, today announced that it has closed on over $300M for its third fund (“Fund 3”) on March 15, bringing the firm’s total committed capital to nearly $800M over its 4-year history. Fund 3 exceeded the firm’s original target size in less than 6 months after initial launch, during a time of surging COVID-19 cases and mounting macro uncertainties globally. Investors in Fund 3 include well recognized global Pensions, Endowments, Foundations, Financial Institutions, Family Offices and Fund of Funds.
The new fund, Long Hill’s largest to date, will be invested across a broad range of healthcare and longevity sectors. Consistent with the firm’s strategy over the previous two funds, the majority of capital will be concentrated in early-stage opportunities with select growth-stage investments.
“By 2050, nearly 50% of Chinese will be over the age of 50. Today, China’s infrastructure for both healthcare and longevity costs too much and delivers too little. At Long Hill, our goal is to help build next generation franchise companies that will enable China’s soon-to-be 400 million seniors to afford a healthy and happy life, despite our still significant gap in per capita income compared to developed countries,” said Xiaodong Jiang, Managing Partner of Long Hill Capital, “We are focused thesis investors. By concentrating on key verticals, we are able to spot exciting opportunities earlier and become better partners to entrepreneurs.”
Since its founding in October 2016, Long Hill Capital has emerged as one of the most active and successful investors in China’s rapidly growing healthcare and longevity sectors. Over the past 18 months alone, Long Hill Capital has invested over $150M across 34 innovative healthcare and longevity startups. During the same period, Long Hill portfolio companies have also successfully completed more than $750M in follow-on financings led by later stage investors such as Hillhouse, Alibaba and ByteDance. In June 2020, Hygeia Healthcare (6078.HK) became the first portfolio company to complete a public offering less than 4 years after Long Hill’s founding. Nine months after its highly successful IPO, Hygeia has become not only the 5th largest publicly listed healthcare services company in China by market value, but also the best performing Chinese healthcare IPO on the Hong Kong Stock Exchange throughout 2020.
“Xiaodong led the first outside investment in Hygeia more than a decade ago shortly after we founded the company. He and Long Hill again became our last private round investor leading up to the IPO,” notes Dr. Yiwen Zhu, Founder of Hygeia Healthcare Holdings (6078.HK). “In the 10 years we have worked closely together, I have never ceased to be impressed with his gift of foresight, power of conviction and the relentless drive to win.”
The Long Hill team led series A investment in LinkDoc Technology, which has built China’s largest data-driven digital infrastructure for precision medicine and become a digital health unicorn. Said Tony Zhang, Founder and CEO of LinkDoc Technology, “Long Hill and Xiaodong has been our longest standing and closest capital partner since the inception of LinkDoc. Their strategic guidance and steadfast support has played an instrumental role in the explosive growth of LinkDoc over the past few years.”
“Long Hill Capital’s in-depth sector knowledge and track record of success in healthcare services is unparalleled in China,” said Zhiliang Tu, Founder and CEO of GST Clinics, China’s largest clinic and virtual care provider of Traditional Chinese Medicine services. “We were very fortunate to have partnered with Long Hill since our series A financing, and look forward to working closely with the Long Hill team for years to come as we continue our journey of making quality healthcare more affordable, accessible and enjoyable for all Chinese.”
About Long Hill Capital
Long Hill Capital was founded in 2016 by the team who previously led China investing practice for global investment firm New Enterprise Associates (NEA) since 2005. A thesis-driven venture capital firm based in China, Long Hill Capital seeks to make longevity a gift of life for every Chinese by investing in technology enabled transformations of healthcare and longevity sectors. With offices in Shanghai and Beijing, Long Hill Capital today manages $800M in capital from premiere global investors including well recognized global Pensions, Endowments, Foundations, Financial Institutions, Family Offices and Fund of Funds. Visit http://www.lhcap.cn/ to learn more.