omniture

Qiming Venture Partners Raises $1.1 Billion Fund VII

Fund targets early stage healthcare and technology investments
2020-04-09 09:18 1939

SHANGHAI, BEIJING, HONG KONG and SHENZHEN, China, April 9, 2020 /PRNewswire/ -- Qiming Venture Partners today announced the closing of Qiming Venture Partners Fund VII, a new $1.1B fund focused on early stage Healthcare and TMT investments. Qiming is honored to have continued strong support from its long-term LP base again in Fund VII and delighted to welcome several new LPs to the Qiming family. As in prior funds, the vast majority of Qiming's capital comes from a prestigious group of endowments, foundations, family offices, and private pensions.

Fund VII is led by Managing Partners Duane Kuang, Nisa Leung, William Hu, and Gary Rieschel, with investment and administrative teams based in Shanghai, Beijing, Shenzhen, and Hong Kong.  Qiming anticipates investing Fund VII in domain areas such as biopharma, medtech, diagnostics, health care services, information technology, artificial intelligence, enterprise services, consumer internet and e-commerce.  

Since its inception in 2006, Qiming has demonstrated its ability to deliver consistent top decile returns for venture capital field in China. The firm has invested in over 30 market leaders that have grown to $1+ billion in valuation; a vast majority of these were early stage at the time of initial investment. In addition, thirty-five of our portfolio companies are now public, including Xiaomi, Meituan Dianping, Bilibili, Roborock, Tigermed, Zai Lab, CanSino and Venus MedTech. We have more than thirty companies in the IPO pipeline. Qiming distributed over $1 billion in cash returns to LPs in 2019. In 2019, we also restructured the firm to better position us for future opportunities in China. This entailed restructuring the technology teams within Qiming reinforcing our successful focus on earlier stage investments.

We are pleased to be able to close the fund at our target amount and on our initial timetable amidst challenges caused by the COVID-19 pandemic, geopolitical uncertainties, and historical over-allocation to the venture capital asset class by many LPs. This is a tribute to the Qiming team and a confirmation of our culture and team dynamic. 

Jim Millar, Managing Director at Princeton University Investment Company ("PRINCO") said, "Qiming has developed a strong reputation and track record as a leading venture capital firm and is notable for its culture of partnership within the firm, with entrepreneurs, and with LPs."

"Princeton is proud to have partnered with Qiming as an anchor investor since inception almost 15 years ago," said Amy Zhou, Principal at PRINCO.

We are grateful to our existing and new LPs for the confidence they place in us by reaffirming their commitment to the Qiming platform and the opportunities we see in China. It is with the utmost respect and gratitude that the entire Qiming family thank them for their ongoing advice, support, and commitment.  

As the world combats the COVID-19 pandemic, we are proud that many of our portfolio companies play a critical role in providing products and services both to the front-line medical care as well as to the backend supports. Qiming is committed to continue investing in great entrepreneurs for the betterment of humanity. We take great pride in bringing long-term value to all societies.

About Qiming Venture Partners

Founded in 2006, Qiming Venture Partners is a leading China venture capital firm with offices in Shanghai, Beijing, Suzhou, Shenzhen, Hong Kong, Seattle, Boston and San Francisco Bay Area. 

Currently Qiming Venture Partners manages nine US Dollar funds and five RMB funds with $5.3 billion assets under management. Since our establishment, we have invested in outstanding companies in the TMT and healthcare industries at the early and growing stages.

Since our debut, we have backed over 350 fast-growing and innovative companies. Over 110 companies are already listed on NYSE, NASDAQ, HKEx, Gretai Securities Market, Shanghai Stock Exchange and Shenzhen Stock Exchange, or achieved exit through M&A and other means. There are also over 30 portfolio companies that have achieved unicorn status. 

Many of our portfolio companies are today's most influential firms in their respective sectors, including Xiaomi (SEHK:1810), Meituan Dianping (SEHK:3690), UBTech, Bilibili (NASDAQ:BILI), Roborock (SHSE:688169), Tigermed (SZSE:300347), Zai Lab (NASDAQ:ZLAB), Venus MedTech (SEHK:2500), CanSino (SEHK:6185), Schrödinger (NASDAQ:SDGR), Sanyou Medical (SHSE:688085), AmoyDx (SZSE:300685), Berry Genomics (SZSE:000710), WeDoctor Group among many others.

Source: Qiming Venture Partners
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