Qiming's J.P. Gan reaches first close on spin-out fund
J.P. Gan (pictured), who spent 12 years with Qiming Venture Partners before striking out on his own earlier this year, has reached a first close of $163 million on his debut China fund.
The firm is called Ince Capital Partners: "In" stands for internet, investment and intelligence, while "Ce" is from the Chinese for strategy. The strategy for the fund – which has an overall target of $300 million – is expected to be early-stage investments in internet and information technology businesses, according to a source familiar with the situation.
At Qiming, Gan was the managing partner responsible for coverage of the consumer-facing internet segment. Notable IPOs include photo editing and sharing community Meitu and online-to-offline services platform Meituan-Dianping, both of which listed in Hong Kong. Dating site Jiayuan International, online entertainment business Taomee, streaming platform Bilibili, car rental player eHi Car Services, and shopping and social networking business Mogujie are among the US IPOs.
The Qiming "intersumer" portfolio also features numerous start-ups that have gone on to raise several rounds of follow-on funding. They include question-and-answer platform Zhihu, vacation homes rental service Tujia, auto after-sales service provider Tuhu, online education business TutorGroup, and travel information and booking portal Mafengwo.
Prior to joining Qiming in 2006, Gan was CFO of NASDAQ-listed KongZhong Corporation, a wireless value-added services provider that provided mobile games, ring tones, and ring-back tones. The company, which is now primarily an online game developer, was taken private in 2017. Gan started his career in private equity with The Carlyle Group.
Qiming was established in 2006 and has $4 billion in assets under management. It invests across intersumer, IT, healthcare and cleantech. In 2018, the firm's sixth and fifth US dollar and renminbi vehicles closed at their hard caps of $935 million and RMB2.1 billion ($334 million), respectively. A US-focused healthcare fund of $120 million was also raised.
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