SHANGHAI, Nov. 14, 2016 /PRNewswire/ -- Long Hill Capital Management (LHC), a China-focused venture capital firm, today announced that it has closed Long Hill Capital Venture Partners 1, a $125M fund to invest in early stage technology-enabled healthcare and consumer services companies based in China. Long Hill Capital's inaugural fund was raised in October, less than 6 months from initial launch, during a much talked about "winter" for China's venture capital industry.
Long Hill Capital Venture Partners 1 will be managed by Xiaodong Jiang and Bo Jiang who since 2005 have led the China investing practice for New Enterprise Associates (NEA), a global investment firm with over $17 billion in committed capital. They are joined by an experienced team of investment and operations professionals from such firms as Matrix Partners China and Morningside VC. Together the Long Hill Capital team have over 30 years of China venture capital experience and over 15 years of senior operating experience at some of China's most successful technology and healthcare companies including Alibaba, Huawei and Ping'an Good Doctor. Over the course of their venture capital careers, the Long Hill Capital team have invested in such industry leading companies as CITIC Pharmaceutical, WeDoctor, Hygeia Medical Services, GST Clinics, LineKong, LianLian Pay, Ele.Me, TheBeastShop and more.
"China will have both more middle class consumers and more senior citizens over age 60 than the entire population of the United States in the next decade," said Xiaodong Jiang, Managing Partner of Long Hill Capital. "The Chinese healthcare and consumer services industries are embracing technology in an unprecedented way. We cannot be more excited to build upon our track record of success and continue to invest in next generation entrepreneurs who seek to massively improve health and quality of life for every Chinese."
In conjunction with the launch of Long Hill Capital, NEA became an investor in Long Hill Capital Venture Partners 1. Said Scott Sandell, Managing General Partner of NEA, "We have known Xiaodong as an outstanding investor for over 11 years. We are thrilled to be a long term partner to him, and thank him for his many contributions at NEA." Said Carmen Chang, NEA's Chairman and Head of Asia, "Long Hill Capital's focus on healthcare and consumer services coincides well with NEA's global strength in these sectors. We look forward to working closely with Xiaodong for many years to come." Both Mr. Sandell and Ms. Chang will serve as strategic advisor to Long Hill Capital.
"We have been impressed with Long Hill Capital's thesis driven approach to venture investing. Their leadership in healthcare and consumer services is evident in the caliber of companies that chose to work with them," said Rebecca Xu, Co-founder and Managing Director of Asia Alternatives. "We are thrilled to invest in Long Hill Capital's inaugural fund and look forward to their continued success."
"The investment is part of IFC's approach to catalyze innovation in emerging markets, and support new ventures that help increase and improve access to quality health services," said Nikunj Jinsi, Global Head of Venture Capital at the International Finance Corporation (IFC), a member of the World Bank Group. "China is IFC's second-largest portfolio country, and we look forward partnering with Long Hill Capital to reach more innovators and entrepreneurs in China in the coming years."
About Long Hill Capital Venture Partners 1 & Long Hill Capital Management
Long Hill Capital Venture Partners 1 is the inaugural fund from Long Hill Capital Management. It is focused on early stage investments in technology-enabled healthcare services and consumer services in China. The fund has been formed by partners who have led the China investing practice for NEA since 2005, and managed by an experienced team who have invested in CITIC Pharmaceutical, WeDoctor, Hygeia Medical Services, GST Clinics, LineKong, LianLian Pay, Ele.Me, TheBeastShop and more. The firm is based in Shanghai, China. For more information, please visit: http://www.lhcap.cn/
Pinky Wang, +86.21.61381000
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SOURCE Long Hill Capital Management