C-Bridge seeks $650m for third healthcare fund – exclusive

The China-focused manager is raising its largest vehicle six months after closing its $400m second fund.

C-Bridge Capital, a China healthcare-focused firm, is back in market with its third vehicle, less than a year after closing its second fund at its $400 million hard-cap, Private Equity International has learned.

C-Bridge is looking to raise $650 million for C-Bridge Healthcare Fund III, which, if achieved, would be more than 60 percent larger than what its predecessor fund closed at, a source close to the fundraising told PEI. Its first healthcare fund closed in 2014 after raising $200 million.

The firm expects a first close for Fund III in the second quarter of the year, the source added.

Shanghai-headquartered C-Bridge focuses on development and late-stage investments in pharmaceuticals and biotechnology, medical technology and healthcare services within the Chinese market. The firm is also capitalising on technology transfers – acquiring intellectual property overseas, bringing it to China exclusively and building a company around it.

The firm’s investor base includes Singapore-based Pavilion Capital, family foundations, and other institutional investors from the US, Asia, Middle East and Europe.

In the last year the firm deployed most of the capital raised from Fund II and sealed several sizeable co-investments with its LPs, the source noted. C-Bridge has also been enhancing its operational and senior leadership teams and made high-level hires in the past year including ex-global head of pharmaceuticals and vaccines at GlaxoSmithKline Abbas Hussain, who joined the firm in October as senior partner. Four new appointees in its US offices include Sean Cao, who is now MD in Boston; Jason Brown, MD in San Diego; Michael Keyoung, head of north America; and Zhang Tong, MD in New York.

C-Bridge manages $700 million of assets and has offices in Shanghai, Beijing, New York, Boston and San Diego. It also manages a $100 million venture fund called I-Bridge also focused on life sciences and healthcare.

C-Bridge declined to comment on fundraising.