Qiming launches RMB fund for biomedical investments
Chinese VC firm Qiming Venture Partners has launched an RMB250 million ($36.6 million) fund, focusing particularly on biomedical sector-related investments.
According to mainland reports, the National Development and Reform Commission and the Government of Beijing Municipality are also investing into the fund, with state-connected entities contributing up to 40% of the fund. Reports add that Duane Kuang, Founder and Managing Director of Qiming Venture Partners, confirmed that most of the fund's LPs are based in Beijing, the Pearl River Delta and the Yangtze River Delta, while Qiming's China team act as GPs. Last month, Qiming committed more than $14.5 million to large-scale insulin manufacturer Gan & Lee Pharmaceutical Co. Ltd., allowing the firm to strengthen its focus on China's medical sector. Its new RMB fund is expected to dedicate 60% of its resources to biomedical investments.
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