Chinese venture capital firm Qiming Venture Partners is planning to raise US$250 million for its second healthcare-focused fund to finance early-stage companies in the United States, according to a regulatory document filed on January 30.
The new fund, named "Qiming U.S. Healthcare Fund II," comes nearly one year after Qiming collected an aggregate of US$1.39 billion across three funds, namely Qiming Venture USD Fund VI with US$935 million, Qiming Venture RMB Fund V with RMB2.1 billion (US$334 million) and Qiming U.S. Healthcare Fund I with US$120 million.
The second healthcare fund, once successfully raised, will add to the 12 funds — including seven USD funds and five RMB funds — currently managed by Qiming Venture Partners. The new fund will potentially bring its assets under management to US$4.25 billion.
Qiming Venture Partners said that it has backed over 310 companies across China as of January 2018, covering industries like internet and consumer, healthcare, information technology and clean technology. During the same period, the company recorded over 50 listed companies and nearly 20 unicorn-valued companies under its portfolio.
It has poured money into some of the most influential brands in China, such as group buying website Meituan-Dianping, smartphone manufacturer Xiaomi, artificial intelligence firm Face++, bike-sharing system Mobike and autonomous driving solutions supplier WeRide.ai. The company joined a RMB400 million (US$59.61 million) series B round of financing in Chinese auto tech firm NASN Automotive Electronics last month.
The company was founded in 2006 with offices in five Chinese cities including Shanghai, Beijing, Suzhou, Shenzhen and Hong Kong. It expanded presence in America when it raised the first USD fund in 2017.