Probe Capital Closes First Close of New Healthcare Fund II, Doubling Down on Medical and Life Science Innovation

Recently, ROBE CAPITAL completed the establishment and first closing of its new healthcare industry fund (hereinafter referred to as "ROBE New Healthcare Fund II"). The fund was jointly initiated by ROBE CAPITAL and Baotuo Resources. Limited Partners (LPs) include investors from the Phase I fund as well as related industry funds. The capital raised in this Phase II fund will continue to increase equity investments in growth-stage projects within the healthcare and life sciences sectors.

Since its inception, ROBE CAPITAL has established an industry research department. Centered on disease spectra and industrial landscapes, and guided by innovative technologies, the firm has built a comprehensive research matrix. It publishes dozens of niche sector analyses annually, continuously identifying high-potential segments to enable forward-looking investments, thereby pioneering the “research-first” transaction model within the industry.

In 2020, the ROBE New Healthcare Fund I was established. From industrial, investment, and financial advisory perspectives, the Fund has conducted multi-dimensional exploration to identify and assess corporate value and growth potential, focusing on sectors driven by breakthroughs and integration in “BT+IT” (Biotechnology + Information Technology). Amidst the surging wave of innovation in healthcare and life sciences, it has identified a portfolio of high-quality targets. To date, the Fund has invested in more than ten innovative enterprises in the healthcare and life sciences fields, including leading companies in their respective niches such as CytoSofia, PureCert, Lingfu Bio, Enzyme Biotech, RegeneBio, and Renmai Bio, among others. Notably, 80% of these portfolio companies have successfully completed their subsequent financing rounds. Furthermore, the Fund’s specialized investment and exit strategies enabled it to achieve its first project exit as early as 2022.

Based on the performance of the ROBE CAPITAL team and its Fund I, preparations for Fund II commenced in late 2022, with the first closing recently completed. The fund continues to increase its commitment to the healthcare and life sciences sectors, seeking out more innovation-driven targets fueled by technological advancements and supporting their growth.

From the perspective of ROBE CAPITAL, venture capital in the healthcare industry has largely transitioned from the early 1.0 resource-driven model to a 2.0 model dominated by experience and insight, and is now advancing toward a 3.0 data-driven model.

In 2020, ROBE CAPITAL began establishing an industrial database for the healthcare and life sciences sectors. After several iterations, it officially launched its self-developed investment decision support platform, “Shennong No. 1,” in 2022. Built on industrial information data and powered by big data and artificial intelligence technologies, the platform covers nearly 100,000 innovative enterprises across 908 sub-sectors of healthcare and life sciences worldwide. It focuses on three key dimensions—R&D, commercialization, and capital—incorporating diverse intelligence and information such as research projects, patents, product registration certificates, and primary and secondary market transactions globally. By mining key industrial elements and conducting correlation analysis, the “Shennong No. 1” database enables more comprehensive and timely quantitative assessments to support investment decisions.

During the investment process of ROBE CAPITAL’s New Healthcare Fund II, “Shennong No. 1” will fully leverage its data and analytical capabilities to play a significant supportive and guiding role in sector selection, target sourcing, investment decision-making, and post-investment exit strategies.

Since its inception, ROBE CAPITAL’s boutique investment banking division has consistently completed double-digit private financing and M&A transactions annually. It has facilitated nearly 100 rounds of financing for innovative enterprises, with cumulative transaction values exceeding RMB 10 billion. The ROBE New Healthcare Fund II will continue the strategy of its first phase, maintaining close collaboration with the boutique investment banking team to provide long-term follow-up financial advisory services to portfolio companies, thereby leveraging diversified capital to accelerate corporate growth.

Meanwhile, ROBE CAPITAL has established a professional industrial operations team. Leveraging the “Shennong No. 1” data platform, it is actively exploring new pathways and models for data-driven talent acquisition and industrial implementation operations. By collaborating proactively with local governments and industrial parks across various regions, the firm provides diversified and customized industrial landing services to innovative companies in its investment portfolio, coordinating multi-party resources to support their growth.

Deng Tingting, Partner at ROBE CAPITAL Medical Fundstated: “Over the past six years, ROBE CAPITAL has accumulated substantial core resources within the healthcare ecosystem. Moving forward, it will adopt an investment strategy combining ‘early-stage’ and ‘pre-IPO’ investments. On one hand, by leveraging its ecosystem resources, the firm will identify and invest in profitable late-stage projects that are currently under the radar (‘underwater’), thereby providing exit certainty and asset liquidity for its funds. On the other hand, by relying on resources from listed industrial companies and academic research institutions, it will incubate high-barrier early-stage innovative projects, offering diversified exit channels and high returns on assets for its funds.”

We sincerely appreciate the trust and support from both new and existing Limited Partners (LPs). The introduction of investors from both within and outside the healthcare industry into this fund represents another key step in building the ROBE CAPITAL healthcare ecosystem. We will fully leverage ROBE CAPITAL’s advantageous resources and venture capital expertise across the funding, clinical, industrial, and commercial sectors to actively create an investment closed-loop that integrates industry and finance with distinctive ROBE characteristics. With the end goal in mind and through meticulous execution, we strive to provide our portfolio companies with the most comprehensive venture capital and industrial resources, thereby delivering superior investment returns to all our investors.

Hong Yang, Partner at ROBE CAPITAL New Healthcare Fundstated: “Looking ahead, we remain firmly bullish on the innovative development and commercialization of the healthcare and life sciences industries. We will continue to uphold our philosophy of research-driven quantitative investment. Centered on the ROBE New Healthcare Fund II, we will further build an industrial ecosystem that serves scientists and entrepreneurs driving medical progress, facilitating a transition in our investment approach from simple value discovery to value creation, thereby delivering more stable and deterministic returns for our investors.”

Zhang Bin, Chairman of Baotuo Resourcesstated: “Innovation in the healthcare and life sciences sectors continues to surge, with the venture capital industry already embarking on an arms race centered on information technology and data. The Shennong No. 1 Data Platform will enable us to evaluate the development of innovative companies across various sectors from a holistic perspective, dynamically optimize our investment strategies, make investment decisions through an industry-oriented lens, and support a cohort of innovative enterprises capable of achieving counter-cyclical growth and thriving across economic cycles.”

ROBE CAPITAL, established in 2017, is a boutique investment bank specializing in healthcare and life sciences. Upholding the mission of “dedicated to helping scientists and entrepreneurs drive medical progress,” the firm has consistently completed double-digit private financing and M&A transactions annually since its inception, with cumulative transaction value exceeding RMB 10 billion. ROBE CAPITAL has been honored with numerous accolades, including “No. 1 on the 2022 China Healthcare Financial Advisor Transaction Volume Excellence List,” “Top 5 Best Boutique Investment Banks in the Biopharmaceutical Industry on the 2022 China Biopharmaceutical Industry Value List,” and the “2023 Pengcheng Award – Healthcare Financial Advisor of the Year.”

Baotuo Venture Capital is a specialized equity investment platform under Baotuo Company of Xiamen Hengxing Group. Adhering to the philosophy of “research-driven, industry-oriented, and value-based investing,” it focuses on four key sectors: pan-semiconductors and intelligent manufacturing, new energy and new materials, next-generation information technology, and healthcare consumer technology. By implementing full-industry-chain and full-lifecycle investment strategies, Baotuo Venture Capital participates in technological innovation and industrial upgrading, empowers enterprises, and creates value for society. Its portfolio companies include InnoCare Pharma, Haixin Zhihui, RegeneBio, Veto Biologics, Sinosteel Corporation, Piotech, Qiside Technologies, Qingniu Technology, Xichan Microchip, Zhongke Zhixin, NetEase Youdao, Aulton New Energy, Shuyi Tealicious, and Zhongsheng Optoelectronics.