Qiming Venture Partners announced on Tuesday the final closing of its RMB-denominated Fund VI at 2.852 billion yuan ($440.3 million) as the China-based venture capital (VC) major ups its stake in early- and-growth-stage healthcare and TMT startups.
The new vehicle has brought Qiming’s total assets under management (AUM) to $5.9 billion, said the firm in a statement. With RMB Fund VI, Shanghai-based Qiming now manages nine USD-denominated funds and six RMB-denominated funds. The firm had raised its debut RMB fund in 2010.
Qiming’s existing limited partners (LPs), including Chinese fund of funds (FOF) management firm Oriza FOFs Investment Management and state-owned conglomerate Xiamen C&D Inc, made capital commitments to Fund VI.
The new vehicle also roped in LPs including science & technology focused FOFs in Beijing and Shanghai, as well as Chinese large-scale insurance companies, Chinese media outlet PEdaily first reported. A spokesperson for Qiming confirmed the LP information with DealStreetAsia.
“Qiming managed to close both RMB and USD funds in the past five months, showing that LPs are optimistic about our investment strategy to invest in China’s innovative and developing science and technology [sector], even during the challenging global COVID-19 epidemic as well as facing changing global environments,” said Duane Kuang, Qiming’s founding & managing partner, in the statement.
The RMB Fund VI came less than three months after Qiming announced the final closing of a USD-denominated fund, Qiming Venture Partners Fund VII, at $1.2 billion in November 2020. The vast majority of the former US dollar fund came from endowments, foundations, family offices, and private pensions.
Actively investing despite COVID-19
While many other investors largely stay on the sidelines doing triaging for existing portfolios, Qiming is one of the few China-focused VC players that remains active in dealmaking over the past months despite virus-induced travel restrictions.
For the entire 2020, Qiming recorded over 70 investments and public listings of 13 portfolio companies. Over 100 startups under its portfolio completed new financing rounds in the past year.
Founded in 2006, Qiming mainly invests in early- and-growth-stage healthcare and TMT companies. It has backed more than 380 companies to date, among which over 40 have achieved the unicorn valuation of at least $1 billion.
By far, the firm has exited from over 130 investments through IPOs, M&A, and other ways. Some of its most well-known exits in China include smartphone maker Xiaomi, insulin manufacturer Gan & Lee Pharmaceuticals, food delivery giant Meituan, video site Bilibili, smart home brand RoboRock, clinical trial and research firm TigerMed, and heart valve medical device manufacturer Venues Medtech.
With headquarters in Shanghai, Qiming operates across Beijing, Suzhou, Shenzhen, Hong Kong in Greater China; as well as Seattle, Boston, and the San Francisco Bay Area in the US.