Qiming closes Fund III at $450 Million
Qiming Venture Partners has announced that it has closed its Qiming Ventures Fund III vehicle at $450 million. The close will bring Qiming's assets under management exceed $1 billion dollars from its debut in 2006.
Nearly all of the LPs for Qiming III were returning LPs from prior Qiming funds, including Princeton, Robert Wood Johnson Foundation, Siguler Guff, CommonFund, Grove Street Advisors, Emerald Hill, and other leading endowments and foundations. New investors for Fund III include Harvard University Endowment, and UTIMCO (U of Texas Investment Management Company). In a statement, Ching Tan of Siguler Guff commented: "We have enjoyed great success and an excellent working relationship with Qiming and it was a very straightforward decision to participate in Fund III."
Qiming III will continue Qiming's strategy of investing in outstanding Chinese entrepreneurs in the information technology, consumer and Internet, healthcare, and cleantech sectors. The firm current has a portfolio of over 50 investments, distributed among its targeted sectors.
Qiming also announced that Hans Tung, who joined the firm as a Partner (joining Duane Kuang, JP Gan, Gary Rieschel and Nisa Lin) in 2008, was promoted to Managing Director concurrent with the closing of Fund III. Qiming currently has over 20 professionals on the team, and all the senior team members have the combination of investing and operating experience coveted by entrepreneurs today in China.
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