Long Hill Capital (“The Firm”), a leading venture capital firm in China, today announced the closing of Long Hill Capital Venture Partners 2 (“Fund 2”), a $265M fund to continue the firm’s successful thesis-investing strategy in healthcare and consumer sectors.
Fund 2 was raised within 3 months after initial launch, and significantly exceeded the firm’s original target size.
Investors in Fund 2 include well recognized global Pensions, Endowments, Foundations, Financial Institutions, Family Offices and Fund of Funds. The firm’s previous fund (“Fund 1”) was capitalized at $125M in October 2016.
“Technology is transforming every industry in China, and nowhere is that more evident than the huge opportunities for disruption we are seeing in deep verticals such as China’s $900 Billion healthcare sector,” 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 rapidly emerged to become a leader in healthcare and consumer investing in China, bringing total capital under management to over $400M. Over 80% of the firm’s Fund 1 portfolio were series A at the time of initial investment led by the Long Hill team, and together they have successfully completed more than $300M in follow-on financings in the past 18 months. In less than two short years, three early stage investments in the Fund 1 portfolio are now valued at $700M or more.
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“We are impressed with Long Hill’s deep sector expertise and industry network, as well as the quality of their portfolio companies,” notes Art Wang, Managing Director of Private Investments at San Francisco Employees Retirement System. “We are pleased to work with the Long Hill team and look forward to a mutually beneficial partnership.”
Most investors in the firm’s Fund 1 have returned as investors in Fund 2. Said Scott Sandell, Managing General Partner of New Enterprise Associates, “Long Hill Capital’s focus on healthcare and consumer verticals coincides well with NEA’s global strength in these sectors. We have known Xiaodong as a trusted partner for over 13 years and look forward to working closely with Long Hill for many more years to come.”
“Long Hill Capital’s in-depth sector knowledge and unique fundamental research driven approach provides them a significant competitive advantage,” said Rebecca Xu, Managing Director at Asia Alternatives LLC. “We are very pleased with the firm’s progress over the past two years. Asia Alternatives is proud to have partnered with Long Hill Capital since inception as its anchor investor.”