China-based venture capital firm Qingsong Fund has raised RMB1bn ($153m) to close its fourth renminbi-denominated fund, which was backed by publishing firm Time Publishing and Media, DealStreetAsia reported yesterday.
The fund’s other limited partners include the Chinese-state managed Qianhai Inno-Tech Investment fund as well as undisclosed corporate backers, government-backed funds, funds of funds, family offices and individual investors.
Qingsong was founded in 2012 and focuses on areas such as education, consumer brands and technology. It manages six renminbi-denominated investment funds and has roughly $460m of assets under management.
The firm will use the fund to invest in early and growth-stage companies having already backed electronic component manufacturer JustFit, automotive logistics services provider Zhaochi Supply Chain and beauty and personal care brand PolyVoly.
Alongside the fund close, Qingsong has announced the launch of its second technology focused-fund, Qingsong Wisdom Fund. The firm closed its predecessor at $42.9m in December 2019.