On November 30, 2025, TTM Capital’s RMB Fund II completed its first close with commitments totaling RMB 900 million. Against a backdrop of market-cycle shifts and elevated uncertainty, TTM Capital has achieved resilient, counter-cyclical progress by combining rigorous industry insight with systematic investment execution. This first close further strengthens the firm’s capital foundation and supports continued, high-conviction investment deployment and value creation.

We extend our sincere appreciation to our limited partners for their strong support. Participants in the first close include Shanghai State-owned Capital Investment Leading Fund (SSCI Leading Fund), Shanghai municipal and district-level state-owned enterprises, prominent angel investor FoF(Fund of Fund), leading pharmaceutical companies, and top-tier family offices. This diversified LP base not only provides robust support for the fund’s long-term development but also reflects strong market recognition of TTM Capital’s professional capabilities and long-term prospects. TTM Capital will work closely with partners across the ecosystem to reinforce the fund’s steady growth and long-term value creation.

RMB Fund II will continue to focus on healthcare and life sciences driven by global frontier technologies, and will prioritize investments in globally competitive source innovations. Through a differentiated strategy, TTM Capital aims to drive industrial value creation and support the sustained advancement of healthcare innovation.

Building a high-conviction, precision investment team and an institutionalized investment system has long been a strategic priority for TTM Capital. The Founding Managing Partner, Ms. Lily Zhang, brings 20 years of executive experience at multinational companies across China and the United States, together with healthcare investment experience at leading funds—combining a clear understanding of industry pain points with a deep understanding of capital markets. She is an entrepreneur who integrates a scientist’s perspective with an investor’s intuition. The core management team averages over 20 years of industry experience, with backgrounds spanning global healthcare leaders, top research institutions, leading funds, and industrial incubators—forming a complementary and deeply integrated capability base that supports multi-dimensional investment judgment.

Through Fund I, the team has led investments in a series of ventures founded by distinguished entrepreneurs and scientists across critical domains. These include Xinthera/Raythera (founded by Dr. Qing Dong, former Chief Scientist of Hengrui Pharma), Xiaolu Biomedicine / Tosun Pharmaceutical (founded by Dr. Yongjun Liu, former Global Head of R&D at Sanofi), ALLYRNA (founded by Academician Chuan He, a tenured professor at the University of Chicago and a world-leading expert in post-transcriptional modifications), Prospect Therapeutics (founded by Dr. Shuhui Chen, former Chief Scientist of WuXi AppTec), Zenitar (founded by Professor Lijuan Chen of West China Hospital, Sichuan University; its core product has entered pivotal Phase III clinical studies), and Abany Biosciences (TTM Capital’s first majority-controlled incubation project). These portfolio companies have made notable progress, further validating TTM Capital’s consistent approach: supporting, accompanying, and empowering leading entrepreneurs and scientists; focusing on source innovation; strengthening ecosystem-based value creation; and remaining resilient across market cycles to deliver long-term results.

Since its establishment, TTM Capital has received distinguished recognition from the market and authoritative institutions for its investment performance and sector influence, including honors such as FOFWEEKLY “Healthcare TOP 20”, China Venture “China’s Top 50 Best Early-Stage Venture Capital Institutions”, and China Bridge “Best Return Venture Capital Institution”. The firm’s founder, Ms. Lily Zhang, has also been repeatedly recognized by industry media as one of “China’s Best Female Investors” for her leadership and disciplined investment vision.

TTM Capital will continue to uphold its core values of “Fusion with ingenuity and creativity, salvation with love and responsibility. Triumph in frontier exploration by trust and collaboration. Cross pollination and inspiration by sharing value and belief. Together to miracle with vision and perseverance.” and remain committed to supporting investors and portfolio companies—driving synergistic value creation, advancing healthcare innovation, and contributing to a stronger industry future

Who we are

TTM Capital is a professional investment institution focused on early-stage investments in the healthcare sector. The founding and managing team been involved in the medical and biotechnology fields for many years, with a background in medical investments from top domestic funds to full industry chain experience from globally leading multinational pharmaceutical companies.
TTM Capital mainly focuses on high-quality investment opportunities in the fields of biopharmaceuticals, medical devices and in vitro diagnostics driven by cutting-edge technology, focusing on segmented tracks with significant advantages, focusing on the global medical market and the "unmet needs" of patients. Persist in empowering and creating synergistic value for invested companies, jointly promote medical innovation, and create value for society.