China-based venture capital firm Qiming Venture Partners closed a $935m fund on Monday, securing capital from limited partners including medical practice and research group Mayo Clinic.
Qiming Venture USD Fund VI’s LPs also included Princeton University, Massachusetts Institute of Technology and Duke University as well as superannuation fund NGS Super, Commonfund, Hall Capital Partners and Dietrich Foundation.
The vehicle was announced alongside two other funds: the Chinese yuan-denominated Qiming Venture RMB Fund V (Qiming RMB V), which has attracted RMB2.1bn ($334m) in commitments, and Qiming US Healthcare Fund I, which has secured $120m.
Both Qiming VI and Qiming RMB V will target Chinese companies in the internet and consumer healthcare, IT and cleantech sectors, while the Healthcare Fund will invest in early-stage healthcare startups in the US.
Qiming RMB V’s backers include conglomerate Xiamen C&D Corporation and CDB Capital, a subsidiary of financial institution China Development Bank, as well as Oriza FOFs, China International Capital Corporation, Suzhou Fund, Lupu Investment and Hang Tang Wealth.
Qiming Venture Partners now has more than $4bn under management, spread across 12 funds. Mayo Clinic previously backed its $500m Fund IV in 2014 alongside various university and institutional investors.
– The original version of this article appeared on our sister site, Global University Venturing.