Chinese private equity firm Panacea Venture raised US$180.5 million for Panacea Venture Healthcare Fund I LP, surpassing the fund's target of US$150 million.

Atlantic-Pacific Capital Inc. served as global placement agent for the fundraising, which was completed within 12 months, according to a May 24 release.

The fund will target China's healthcare space, according to a statement from Panacea Managing Partner James Huang.

Global institutional investors, including endowments, foundations, sovereign wealth funds, pension programs, consultants, fund-of-funds, asset managers and family offices participated in the fundraising.