China Based Cenova Capital Closes Its First USD Fund At US$240 Million.

Legal News & Analysis - Asia Pacific - China - Investment Funds

6 December, 2018

 

Cenova Capital ("Cenova"), a leading sponsor of healthcare-focused private equity funds in China, announced the closing of its first USD denominated fund (the “Fund”) at US$240m. Combined with RMB2.1 billion (approximately US$300m) from its fourth RMB fund raised early this year, Cenova expects to invest over US$500m into healthcare and life sciences companies in China in the next few years.

 

Cenova's USD Fund received support from its existing international investor base, including sovereign wealth funds, insurance and financial institutions, funds of funds as well as multinational companies specializing across the healthcare value chain and in other industries. 

 

Cenova is one of the earliest sponsors of healthcare funds that are dedicated to growth-stage investments in the life sciences and healthcare sectors in China and is one of the earliest investors in healthcare services and digital health in China.

 

Since inception, Cenova now has five private equity funds under management and invested in over 50 companies. Based in Shanghai, the firm is managed by a seasoned team of life sciences investment professionals and industry operating partners. 

 

Skadden, Arps, Slate, Meagher & Flom LLP & Affiliates (“Skadden”) acted as legal counsel to the Fund.