China: Qiming Venture Partners closes tech-focussed fifth fund at $650m

Qiming Venture Partners has closed its latest US dollar-denominated fund, after raising more than $650 million in commitments.

This is the fifth such fund for the Shanghai-based venture capital firm. which was an early investor in smartphone maker Xiaomi. In January 2016, it invested $100 million in biotech developer Zai Lab.

The latest funding was launched in November, and was oversubscribed by existing investors, according to the Asian Venture Capital Journal. Among long time backers of Qiming’s funds is US-based Princeton University.

Fund V will invest on the same lines as the previous funds — in early to growth-stage investments in the internet and consumer sectors like healthcare, IT and cleantech.

The VC firm closed Fund IV at $500 million in 2014, after raising $450 million for Fund III in 2011. Qiming also raised $75 million last year to make follow-on investments in existing portfolio companies of Fund III, after capital in the main fund was spent sooner than expected.

The firm is run by five managing partners, viz., William Hu, Gary Rieschel, Duane Kuang, J.P. Gan and Nisa Leung. It was founded in 2006, and has more than $2.3 billion in assets under management across five US dollar funds and three renminbi funds, which have made more than 150 investments, according to CB Insights data.

Apart from Zai Lab, recent deals include participation in a $50 million round for online education app maker Xuebajun and in a $100 million round for Tuhu Yangche, an after-sales auto services provider.

Qiming Capital exited three companies in 2015, including Jiayuan, which was bought industry peer Baihe Network at a valuation of $250 million, and mobile advertising company Domob, acquired by Blue Focus Communication Group at a valuation of $178 million.

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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.