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U.S. equity firm closes yuan-fund eyeing Chinese medical sector

Vivo Capital seeks to invest in drug R&D and health care technology

Vivo Capital's portfolio companies include WuXi AppTec, one of Asia's largest pharmaceutical R&D platforms. (Captured images from Wuxiapptec and Vivo Capital website)

HONG KONG -- Vivo Capital, a global health care investment company that has backed Chinese companies such as medical-tech platform WuXi AppTec, has held the first closing of a new yuan-denominated fund at 4 billion yuan ($600 million), with a target of eventually raising about 10 billion yuan.

The first closing attracted capital commitments from both new and existing limited partners, said Vivo Capital in a post on its WeChat account on Monday. All are institutional investors, including several local government-guided funds, commercial banks and biopharmaceutical companies in China, it said.

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