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.