LongRiver Capital Closes Inaugural Fund at Nearly $400 Million, Focused on Healthcare and Technology

On July 9, LongRiver Jiangyuan Investment announced the completion of its inaugural US dollar fund raise, with a size nearing USD 400 million. Backed by top-tier institutional investors, including large insurance institutions and internationally renowned funds of funds, this vehicle stands as one of the largest inaugural US dollar funds in recent years, primarily targeting the healthcare and technology sectors.

This fund has attracted institutional investors, including international insurance capital from Asia and Europe, professional asset management firms, and renowned funds of funds. The fund has a term of 10 years plus a 2-year extension period.

Zhang Jiang, Founder and CEO of LongRiver Capital

Zhang Jiang, Founder and CEO of LongRiver Capital, stated: “As an emerging investment firm, LongRiver has successfully completed the fundraising for its inaugural US dollar fund. We extend our gratitude to our Limited Partners (LPs) for their steadfast trust and strong support. We represent patient capital with a long-term passion for technological development, dedicated to supporting the growth of tech-innovative enterprises with global competitive potential. While the current market environment is fraught with challenges and the investment industry is undergoing transformation, technological innovation continues to flourish. We remain committed to identifying and fostering entrepreneurial spirit, delivering certainty of returns to our fund investors, and creating value that society needs but has not yet realized.”

LongRiver Capital primarily focuses on investments in technology sectors such as healthcare, new energy and advanced materials, and advanced manufacturing, covering stages from early to late growth. To date, the team has invested in 14 projects, including Ruilong Surgery, a global leader in modular surgical robotics; Maike Kang Biotech, an innovative vaccine developer; and Ruiheng New Materials, a company specializing in conductive powder materials for photovoltaic applications. Nearly half of these portfolio companies have successfully secured subsequent or multiple rounds of financing, with some achieving up to a tenfold increase in valuation. They have also made significant progress in advancing clinical trials, expanding their pipelines overseas, and driving revenue growth.

In addition to investing in and supporting early-stage technology companies, Zhang Jiang addressed the current industry challenge of difficult exits for high-quality projects. “Many early-stage funds currently face pressure to exit upon maturity. Our USD fund has a term of 10+2 years, and we are willing to support outstanding enterprises by acquiring existing shares,” he stated. He also outlined the corresponding company profile: stable revenue and growth, reasonable valuations, and appropriate discount margins. This initiative covers companies at various stages from growth to pre-IPO, and the Jiang Yuan team has named it the “Star Picking Plan,” designed to provide continuity for other early-stage technology funds and exceptional enterprise teams.

In addition, following the final closing of its inaugural U.S. dollar fund, LongRiver Jiangyuan Investment will initiate work related to QFLP and RMB-denominated funds at an appropriate time. Zhang Jiang stated that the founding team possesses over 10 years of investment experience in technological innovation both domestically and internationally, having managed multiple QFLP, RMB, and U.S. dollar funds.

“Jiang Yuan not only possesses outstanding project investment capabilities but also holds scarce international resources and practical implementation experience.” In the future, the team aims to co-build a collaborative ecosystem with long-term partners both domestically and internationally, leveraging global momentum to empower the next generation of industry leaders. Zhang Jiang stated, “Our responsibility is to identify the technology giants of the next decade and begin investing in and supporting them today.”