Cathay Capital launches EUR 500m health fund

Cathay Health will deploy tickets of between EUR 5m-50m from Series A through Series D companies as a lead or co-investor with reserves for follow on rounds. 

The fund will focus on six key investment areas: life sciences tools, diagnostics, clinical trial innovation, advanced therapeutics, new care models, and next-generation medical devices and materials.

It will invest across Europe, North America and Asia. 

Cathay Health is the latest in a growing trend of specialisation towards healthcare from typically more generalist LPs. KKR closed a USD 4bn fund at the beginning of the year while others like Apollo have instead taken stakes in specialist fund managers like Sofinnova. 

The Cathay fund will be led by Hongjie Hu, who joined the GP in November 2020 and manages its healthcare investments out of New York. He spent 11 years at Temasek building out its medtech and digital health portfolios. 

Cathay has made three investments via the fund so far, including French medtech Tissium, which raised a EUR 50m Series C in August 2021. The other two investments, Kojin Therapeutics and Initiate, are both based in the US. 

The GP said it has invested EUR 500m in the healthcare sector across 34 companies from its private equity and venture funds. 

LPs
Cathay says the fund is backed by French public investment bank Bpifrance, global insurance company AXA, and pharmaceutical company Groupe Pierre Fabre, among other institutional and corporate investors. 

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