SHANGHAI, BEIJING, HONG
KONG and SHENZHEN,
China, April 8, 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.
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SOURCE Qiming Venture Partners