SHANGHAI April 16, 2018 -- Qiming Venture Partners ("Qiming", www.qimingvc.com), a leading venture capital firm in China, today announced the successful closing of three new funds totaling $1.39 billion. The new funds include Qiming Venture USD Fund VI with $935 million in commitments and Qiming Venture RMB Fund V with ￥2.1 billion in commitments, focused on the investment in outstanding Chinese entrepreneurs in the Internet and Consumer ("Intersumer"), Healthcare, Information Technology and Cleantech sectors. In addition, Qiming closed Qiming U.S. Healthcare Fund I with $120 million in commitments, focused on early stage health care opportunities in US. With these new funds, Qiming now manages over $4 billion across 12 funds.
Qiming's portfolio includes over 250 investments distributed among its targeted sectors. Qiming Venture Partners invests in early-stage and expansion-stage deals, with over 50% of its investments in early stage companies. At least 20 private companies in the Qiming portfolio are now valued at $1 billion or more, and 17 of which have grown up to be the real unicorns in the industry, including Xiaomi, UBTech, We Doctor Group, Face++, APUS, Mobike, Tujia.com, Tuhu.cn, TutorGroup (VIPABC), Zhihu, Luojisiwei, Gan & Lee, Meituan-Dianping, Wacai.com, Musical.ly, Meili Inc. and Sinocelltech.
Outstanding Qiming Core Team
There are currently over 30 investment professionals within Qiming China and Qiming US, and all the senior team members have strong investment and operation experience coveted by today's entrepreneurs.
Qiming China takes great pride in its investment team. Managing Partners Gary Rieschel, Duane Kuang, JP Gan, Nisa Leung, and William Hu are all recognized leaders in their respective areas and within the venture capital community. They are proud to be joined by Partners Yong Zhang, Grace Lee, Janet Yu, Helen Wong, Jing Wu, Kuantai Yeh and Steven Hu as the leadership team for Qiming. In the meantime, Principals Peter Yin, Stella Zhou, Alex Zhou and Bonnie Wang have gradually established themselves among the new generation of young and outstanding investors in the venture community.
For the newly established Qiming US health care fund, under the leadership of founding Managing Partner Gary Rieschel, Mark McDade and Chris Shen joined as Managing Partners and Jennifer Hu as Partner.
9 IPOs in the past 18 months
Over the past 18 months, Qiming team have made dazzling achievements, with 9 portfolio companies successfully completed IPOs in China, HK and US market.
“We are pleased to announce a series of new funds for Qiming Venture Partners. We have closed our sixth dollar-based vehicle for China (Qiming VI) at the $935M cap, our fifth RMB-denominated vehicle (Qiming RMB V) at 2.1billion RMB, and our first fund focused outside of China, Qiming U.S. Healthcare I, also closed at its $120M cap. The performance of Qiming has validated our team and sector focused strategy, with every Partner in the firm generating positive returns to LPs, as well as each sector having multiple IPOs in the last two years. All our LPs from prior China funds returned for the latest funds, and we had significant overlap between our China Fund and U.S. Fund investors,” said Gary Rieschel, Founding Managing Partner of both Qiming China and Qiming US. “It has been incredibly rewarding to be part of the development of Qiming over the past twelve years. We have now raised over $4B dollars or dollar-equivalent, and are consistently ranked in the very top echelon of China-based venture investors.”
Jim Millar, Managing Director at Princeton University Investment Company said, “Qiming has developed a strong reputation 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 since inception as its anchor investor.”
Most of the LPs in Qiming Venture USD Fund VI and Qiming Venture RMB Fund V are returning LPs from prior Qiming funds. The U.S. fund LPs include Princeton University, MIT, Duke University, Commonfund, Hall Capital Partners, Mayo Clinic, The Dietrich Foundation and NGS Super among others. The RMB fund LPs include Oriza FOFs, CDB Capital FOF, CICC, Xiamen C&D Corporation, Suzhou Fund, LUPU Investment and Hang Tang Wealth.
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Founded in 2006, Qiming is a leading China venture capital firm with offices in Shanghai, Beijing, Suzhou, Shenzhen and Hong Kong. In 2017, Qiming raised its first US fund, and set up Qiming’s US offices in Seattle, Boston and Palo Alto. Currently Qiming manages seven US Dollar funds and five RMB funds with US$4 billion assets under management.
Qiming drives innovation and growth of business enterprises and promotes overall industry advancement and social development. With access to our partners’ experience and global network as well as our excellent industry background, we spare no efforts in helping our entrepreneurs and their companies succeed!
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Issued by Qiming Venture Partners
For further information, please contact:
Gloria Yang Tel: (86 21) 61016522
Fax: (86 21) 6101 6512
Email: gloria.yang@qimingvc.com
