Chinese private equity firm Sinopharm Capital, peer Cedarlake Capital and Singaporean healthcare firm Novena Global Lifecare are partnering to form a healthcare-focused fund.

With a total investment of $150 million, the healthcare-focused fund is expected to target businesses in Southeast Asia.

The vehicle, Sino-Singapore Healthcare Fund, will invest in companies engaged in medical services, biomedical projects, mature drugs, and precision medicine sectors.

Novena Global expects the partnership to allow it to expand more strategically in China, tapping into Sinopharm’s expertise in China’s healthcare sector development, industrial operation, as well as existing distribution networks.