China-based venture capital firm Qiming Venture Partners has raised RMB 2.9bn ($441m) for the final close of its RMB Fund VI, with backing from state-backed conglomerate Xiamen C&D, DealStreetAsia reported yesterday.
Existing limited partners (LPs) for the firm’s previous funds also made capital commitments to RMB Fund VI, including China-headquartered insurance companies, fund-of-funds manager Oriza FOFs Investment Management and science and technology-focused fund of funds.
Founded in 2006, Qiming manages nine US dollar funds and six renminbi-denominated funds, and has $5.9bn of assets under management. It currently has investments in more than 380 companies, 40 of which have achieved a valuation of over $1bn.
The firm typically targets early and growth-stage companies in the technology, telecommunications, media and healthcare sectors. Its recent investments include autonomous driving software producer WeRide, complement system-focused drug developer Kira Pharmaceuticals and cancer immunotherapy developer Abbisko Therapeutics.
Duane Kuang, founding managing partner at Qiming said: “Qiming managed to close both RMB and USD funds in the past five months, showing that LPs are optimistic about our investment strategy to invest in China’s innovative and developing science and technology, even during the challenging global covid-19 epidemic as well as facing changing global environments.”
The VC firm hit the $1.2bn final close of its Qiming Venture Partners Fund VII in November 2020.
RMB Fund V, which closed on $935m in 2018, featured commitments from Xiamen C&D, Oriza FOFs, CDB Capital FOF, China International Capital Corporation, Suzhou Fund, Lupu Investment and Hang Tang Wealth.