China’s Qiming Venture raises $1.39b for three new VC funds

A 100 yuan banknote (R) is placed next to a $100 banknote in this picture illustration taken in Beijing November 7, 2010. REUTERS/Petar Kujundzic

Chinese venture capital firm Qiming Venture Partners has announced the successful close of three new funds totaling $1.39 billion, with focus on investing in Chinese and US tech and healthcare firms.

In a statement, the venture capital firm said it has closed Qiming Venture USD Fund VI, with $935 million in commitments; Qiming Venture RMB Fund V, with Rmb2.1 billion ($335 million) in commitments; and Qiming US Healthcare Fund I with $120 million in commitments.

The three new funds bring Qiming’s total funds under management to over $4 billion across 12 funds, the company said.

Qiming Venture USD Fund VI and RMB Fund V focus on investments in Chinese entrepreneur-led companies in the Internet and consumer, healthcare, IT, and cleantech sectors. Qiming US Healthcare Fund I focuses on early-stage healthcare opportunities in the US.

Most of the LPs in Qiming Venture USD Fund VI and Qiming Venture RMB Fund V are returning LPs from prior Qiming funds. LPs in the US fund include Princeton University, MIT, Duke University, Commonfund, Hall Capital Partners, Mayo Clinic, The Dietrich Foundation and NGS Super.

The RMB fund LPs include Oriza FOFs, CDB Capital FOF, CICC, Xiamen C&D Corporation, Suzhou Fund, LUPU Investment and Hang Tang Wealth.

The VC firm invests in early-stage and expansion-stage deals, with over 50 per cent of its investments in early-stage companies.

“At least 20 private companies in the Qiming portfolio are now valued at $1 billion or more, and 17 of which have grown up to be the real unicorns in the industry,” Qiming Venture said.

Over the past 18 months, nine portfolio companies of Qiming successfully completed IPOs in China, Hong Kong, and US markets. These include Hexing, Meitu Inc, CSD, Tellgen, AmoyDx, Berry Genomics, Zai Lab, Bilibili, and ARMO Biosciences.

“The performance of Qiming has validated our team and sector-focused strategy, with every Partner in the firm generating positive returns to LPs, as well as each sector having multiple IPOs in the last two years. All our LPs from prior China funds returned for the latest funds, and we had significant overlap between our China Fund and U.S. Fund investors,” said Gary Rieschel, Founding Managing Partner of both Qiming China and Qiming US.

Founded in 2006, Qiming has offices in Shanghai, Beijing, Suzhou, Shenzhen and Hong Kong. In 2017, Qiming raised its first US fund and set up Qiming’s US offices in Seattle, Boston, and Palo Alto.

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