Qiming Venture Partners hits final close of latest USD fund at $1.1b

Shanghai, China. Photo: Pen Tsai/unsplash

Chinese global venture capital firm Qiming Venture Partners on Thursday announced the closing of its dollar-denominated Qiming Venture Partners Fund VII at an aggregate of $1.1 billion. The USD fund will back early-stage investments in healthcare and TMT (technology, media, telecom) sectors.

The vehicle will particularly pursue bets in biopharma, medtech, diagnostics, healthcare services, information technology, artificial intelligence, enterprise services, consumer internet and e-commerce, Qiming said in a WeChat post.

Qiming said it raised capital from long-term investors and a group of new limited partners (LPs) including endowments, foundations, family offices, and private pensions.

The latest fund comes roughly two years after Qiming announced close of Fund VI at $935 million in April 2018. Qiming collected the capital from Princeton University, Massachusetts Institute of Technology, Duke University, Commonfund, Hall Capital Partners, Mayo Clinic, The Dietrich Foundation, among others.

Led by the founding managing partner Duane Kuang and Gary Rieschel, managing partner Nisa Leung and William Hu, Qiming also mobilised resources from its teams in Shanghai, Beijing, Shenzhen, and Hong Kong for Fund VII.

With offices in Shanghai, Beijing, Suzhou, Shenzhen, Hong Kong, Seattle, Boston and San Francisco Bay Area, Qiming invests across internet, consumption, healthcare, IT and clean technology globally. The firm manages seven USD funds and five RMB funds with over $4 billion in assets under management.

Since 2006, Qiming has invested in more than 30 unicorns with market capital at $1 billion. Meanwhile, 35 of its portfolio companies went public which comprise electronics giant Xiaomi, consumption-oriented technology player Meituan Dianping, Xiaomi-backed cleaning robots developer Roborock, pharmaceutical companies Tigermed, Zai Lab, CanSino and Venus MedTech, among others.

Qiming said it distributed as much as $1 billion in cash return back to its LPs as of 2019.

 

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.