China-focused venture firm Qiming Venture Partners has reached final closing of its fourth RMB fund, securing RMB1.5 billion (US$222 million) in total and bringing the firm’s aggregate asset-under-management to US$2.7 billion.
"We have been a limited partner of Qiming for years, as we think the firm has a professional and rational team with strong operational control. All of these have helped Qiming secure steady investment returns," said Deng Shuang, a director at CDB Capital, which also committed to the new fund.
Other limited partners include Oriza Holdings, Gopher Asset Management and Pingan Wealth, as well as some high-net-worth individuals.
In January, Qiming closed its fifth U.S. dollar fund, securing US$648 million in total capital commitments.
Since its establishment in 2006, Qiming has invested in over 170 companies in the TMT, Internet, consumer, healthcare and clean energy sectors. Over 30 companies have completed an initial public offering or have been acquired, paving the way for it to exit.
Some of Qiming’s most noteworthy investments include Xiaomi Inc., Dianping, iTutorGroup, Meitu Inc., and Face++.
The firm was founded by veteran investors Duane Kuang, JP Gan, Nisa Leung, William Hu and Gary Rieschel. Today, it has over 50 employees across its offices in Beijing, Shanghai, Hong Kong and Suzhou.