Coller closes first RMB-denominated GP-led with multi-asset healthcare vehicle

Coller acted as sole lead on the transaction, which represents the third deal the firm has carried out with China's Legend Capital.

Coller Capital has closed its first RMB-denominated GP-led transaction through its dedicated yuan-denominated fund, acting as sold lead on a multi-asset healthcare continuation fund.

The approximately 315 million yuan ($45.81 million; €41.73 million) transaction involved moving six healthcare assets out of an existing vehicle managed by Legend Capital and into the continuation fund, according to a statement and a spokesperson for Coller. It represents the third deal Coller has carried out with the Beijing-headquartered venture capital and private equity investor.

The assets span four healthcare subsectors: digital health, medical services, medical devices and diagnostic technology, the statement added.

Coller held a first close for Coller Capital Secondaries RMB I Fund, which is seeking 1.5 billion yuan, Secondaries Investor reported this month. At that time, a spokesperson for the firm declined to provide details of the first close amount.

Coller and Hamilton Lane co-led on another Legend healthcare continuation fund vehicle in 2021, Secondaries Investor previously reported. The two firms were joined by other institutional investors in a transaction that resulted in the creation of LC Healthcare Continued Fund I, a $270 million vehicle. A spokesperson for Coller declined to disclose details of the second transaction Coller participated in with Legend.

Secondaries buyers are taking a cautious approach to investing in the Asia-Pacific region, even though a wealth of opportunities are available to be tapped, Secondaries Investor reported this week.

APAC asset activity – defined as any LP selling APAC positions, or an APAC GP-led – reached $6 billion in 2022, down from $7 billion in 2021, according to a report from Greenhill. Meanwhile, APAC seller volume – APAC-based LPs selling any positions, APAC GP-leds, or an APAC-based asset management company sale or spin-out – reached $8.5 billion, down from $11 billion in 2021.