Qiming raises $500m for China VC fund - update

The vehicle is only $50 million larger than its 2011 vintage predecessor - which closed after just a few months in the market - but AVCJ understands it was oversubscribed, with strong demand from existing investors. 

Most of the LPs in Fund IV have participated in previous Qiming vehicles, but there are four new investors, notably the Massachusetts Institute of Technology and the University of Pittsburgh Medical Center.

The roster of returning LPs includes Princeton University, Robert Wood Johnson Foundation, New York University, Pantheon, Commonfund, Emerald Hill, University of Texas Investment Management Company, Mayo Clinic and the Dietrich Foundation.

"We have developed an excellent working relationship with Qiming from the very beginning as its lead investor and believe it is now one of China's best venture capital firms," said Sunil Gottipati, director at Princeton University Investment Company, in a statement.

The strategy, much like the team executing it, is largely unchanged. Qiming focuses on early to growth-stage investments in the internet and consumer, healthcare, IT and cleantech areas. It employs 20 investment professionals across offices in Shanghai, Beijing and Hong Kong.

The 40-strong team is led by managing partners Gary Rieschel, Duane Kuang, J.P. Gan and Nisa Leung. Hans Tung, a managing partner who focused on the internet and consumer sectors, left for GGV Capital last year. Qiming subsequently hired ex-GGV executive Helen Wong as a partner with a similar brief.

Qiming now has $1.6 billion in assets under management across US dollar and renminbi-denominated funds. The firm has made 70 investments since its inception in 2006, over half in early-stage companies. 

Recent investments include a Series B round for existing portfolio company TutorGroup, an English language tuition provider, last month. Alibaba Group led the $100 million round with Temasek Holdings and Qiming also participating.

Also in February, another portfolio company, online clothing retailer Vancl, received $100 million from a group of investors including Qiming.

A third confirmed investment for the month saw the VC firm take the lead in a $15 million round for Hangzhou Wacai Science, a developer of personal finance management mobile apps.

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• Topics
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• Qiming Venture Partners