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

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.