Qiming raises $441m for its sixth renminbi fund

The new fund will follow Qiming's core strategy of targeting early-and growth-stage healthcare and technology, media and telecom  (TMT) investments.

The firm closed its debut renminbi fund at RMB250 million in 2010. The sizes have increased with each vintage, from RMB605 to RMB1 billion to RMB1.5 billion. Fund V closed at RMB2.125 billion in late 2017. Qiming is currently deploying its seventh US dollar fund, which closed at $1.2 billion last year.

The firm has invested in more than 380 companies since its inception in 2006, of which over 40 have achieved unicorn status. There have been 130 exits through IPO, M&A and other means, including Xiaomi, Gan & Lee Pharmaceuticals, Meituan, Bilibili, RoboRock, TigerMed, Zai Lab, CanSino Biologics, and Venus Medtech.

"Qiming managed to close both renminbi and US dollar funds in the past five months, showing that LPs are optimistic about our investment strategy to invest in China's innovative and developing science and technology. This comes despite the challenges posed by the COVID-19 epidemic as well as a changing global environment," said Duane Kuang, the firm's founding managing partner.

In 2020, Qiming made over 70 investments, while more than 100 existing portfolio companies completed new funding rounds. There have also been 13 IPOs since the start of 2020. The firm claims that a further 40 portfolio companies are preparing for IPO with the expectation of listing in the next two years.

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• Topics
• Greater China
• Fundraising
• Renminbi fund
• Healthcare
• Technology
• China
• Qiming Venture Partners
• TMT