Beijing /PRNewswire/ – Legend Capital announced today that the firm has closed LC Healthcare Continued Fund I, L.P., having raised US$270 million for a secondary transaction that involves healthcare portfolios of two older vintage funds. The fund provides liquidity and helped to enhance returns for existing investors while maximizing the value of the fund’s portfolio with new follow-on capital.
The deal was co-led by accounts managed by Hamilton Lane and Coller Capital, with participation from other institutional investors. Lazard was the sole financial advisor and Gibson Dunn acted as the legal counsel for Legend Capital while Ropes & Gray acts as the legal counsel for Hamilton Lane and Coller Capital.
Jafar Wang, Co-Chief Investment Officer and Managing Director of Legend Capital, said, “The deal, which was completed in an efficient process, helps enhance liquidity of existing fund investors, and also demonstrates the confidence of secondary investors in the quality and growth potential of our portfolio assets as well as our post-investment management capabilities. The fund allows longer runway for our portfolio companies, where we can support them to grow into industry leaders and assist them in accessing the public markets. Legend Capital has a long-term focus on investment into highly innovative and fast growth companies, contributing to the development of China’s healthcare sector.”
Mingchen Xia, Co-Head of Asia Investments at Hamilton Lane, commented: “We are excited to see the successful close of this transaction. China’s healthcare sectors present attractive investment opportunities and Legend’s experience and strong track record have made us confident to co-lead this deal. In the meantime, the private equity secondary market in China has continued to grow and evolve rapidly in the last few years and we look forward to exploring more interesting and innovative secondary transactions going forward.”
“Coller Capital is excited to co-lead this complex GP-led transaction of quality assets, having built a strong relationship with Legend Capital over many years,” said Peter Kim, Partner, Head of Asia, Coller Capital. “Legend Capital has an impressive long-term track record and its commitment to delivering returns for investors is strongly aligned with Coller Capital’s own values.”
Legend Capital’s healthcare practice started in 2007, and has since grown into a solid ecosystem across various healthcare segments. The firm has to date deployed US$1.7 billion in healthcare investments, and boasts nearly twenty public companies that are leaders in innovative drugs, biotechnology, medical devices, diagnostic technologies, medical services and digital healthcare sectors. During the past three years, Legend Capital has returned more than US$1.7 billion to its investors from healthcare exits.
About Legend Capital
Legend Capital, founded in April 2001, is a local private equity fund manager and a member of Legend Holdings. Legend Capital is now managing USD funds and RMB funds with a total size of US$9 billion, and focuses on innovation and growth enterprises with operations in China or related to China. By 2020, Legend Capital has invested in over 500 companies, and is one of the longest standing firm on the market.
About Hamilton Lane
Hamilton Lane (NASDAQ: HLNE) is a leading private markets investment management firm providing innovative solutions to sophisticated investors around the world. Dedicated exclusively to private markets investing for 30 years, the firm currently employs more than 440 professionals operating in offices throughout North America, Europe, Asia Pacific and the Middle East. Hamilton Lane has approximately $657 billion in assets under management and supervision, composed of approximately $76 billion in discretionary assets and approximately $581 billion in advisory assets, as of December 31, 2020. Hamilton Lane specializes in building flexible investment programs that provide clients access to the full spectrum of private markets strategies, sectors and geographies. For more information, please visit www.hamiltonlane.com or follow Hamilton Lane on Twitter: @hamilton_lane.
About Coller Capital
Coller Capital, founded in 1990, is one of the world's leading investors in private equity's secondary market – widely acknowledged as an innovator and a stand-out player at the complex end of secondaries. The firm provides liquidity solutions to private equity investors worldwide, acquiring interests in private equity funds, portfolios of private companies, and other private equity-related assets. With headquarters in London, and offices in New York and Hong Kong, Coller’s multinational investment team has a truly global reach. In January 2021, the firm closed Coller International Partners VIII, with capital commitments (including co-investment vehicles) of just over US$9 billion and backing from over 200 of the world’s leading institutional investors.