Venture capital institution Qiming Venture Partners announced that it has raised $3.2 billion for its new fund. Meanwhile, the eighth USD fund has surpassed the fundraising target, totaling $2.5 billion. The company also announced that the seventh RMB fund had completed the first round, totaling 4.7 billion yuan (about $700 million). So far, Qiming Venture Partners has managed a total of 18 funds, and the total assets raised under management have reached $9.4 billion.
The eighth USD fund is the second one continuously completed by Qiming Venture Partners in 30 months after the outbreak of the COVID-19 pandemic. The new fund broke the previous practice of growing each fund by approximately 30% from the previous fund and exceeded the double total amount raised in the previous fund.
This new fund consists of a main fund and a parallel fund for medical and health care, in which the main fund will continue to focus on early and growing investment in Technology and Consumer (T&C) and Healthcare. Like previous funds, the company’s eighth USD fund reached the cap requirements.
This eighth USD fund will be led by the managing partners of Qiming Venture Capital, including Duane Kuang, Nisa Leung, William Hu and Gary Rieschel, with full support from investment and administrative teams in Shanghai, Beijing, Shenzhen and Hong Kong.
Qiming Venture Partners has continuously initiated public welfare projects in the fields of common prosperity and fighting the pandemic. In 2021, Qiming Venture Partners donated 100 million yuan ($14.9 million) to jointly launch the China Rural Revitalization Entrepreneur Support Program with China Foundation for Rural Development, which will train and empower 2,000 rural entrepreneurs and cultivate 40 social organizations in 40 counties.
Nisa Leung, Managing Partner of Qiming Venture Partners, said: “Qiming Venture Partners focuses on investment in two sectors: T&C and healthcare. Our professional investment team has rich experience in helping startups become market leaders and has established a strong investment enterprise ecosystem. We look forward to continuing to work with and support more outstanding entrepreneurs to find affordable solutions for patients whose medical needs are not met worldwide.”