Qiming Venture Raises $500M For Its Fourth Fund

Shanghai-based venture capital firm Qiming Venture Partners has raised approximately US$500 million for its fourth U.S. dollar-denominated fund, according to media reports.

The fund will invest in early to growth stage companies across China in the media and internet, IT, consumer and retail, healthcare, and clean technology sectors.

Before this fund, Qiming had US$1.1 billion under management across three U.S. dollar funds and one RMB fund.

Its third U.S. dollar-denominated fund, Qiming III Fund was launched in May 2011 with US$450 million.

LPs of the fund included Harvard University Endowment, Princeton University Foundation, New York University Foundation, Carnegie Mellon University Foundation, University of Texas Investment Management Company, Pangaea Capital and Siguler Guff.

Founded in 2006, Qiming has offices in Shanghai, Beijing and Hong Kong.

The company recently invested a series of companies including Wacai, JunHe Tang, Vancl and TutorGroup.

(Update on April 9, 2014: In a release, Qiming confirmed its fourth fund has closed at US$500 million. It added that most of the limited partners in the fund are returning investors including Princeton University, Robert Wood Johnson Foundation, New York University, Pantheon, Commonfund, Emerald Hill, University of Texas Investment Management Company, Mayo Clinic and Dietrich Foundation.  There are four new investors including MIT and University of Pittsburgh Medical Center.)