Qiming Venture Partners Closes New Funds with $3.2 Billion in Total Commitments

VCBeat (WeChat: vcbeat) has learned that Qiming Venture Partners announced its new fund has raised $3.2 billion. Specifically, its eighth U.S. dollar-denominated fund has completed oversubscription, totaling $2.5 billion; meanwhile, Qiming Venture Partners also announced that the first closing of its seventh RMB-denominated fund has been completed, with a size of RMB 4.7 billion (approximately $700 million). To date, Qiming Venture Partners manages a total of 18 funds, with total assets under management reaching $9.4 billion.

Qiming Venture Partners’ eighth U.S. dollar fund marked the second consecutive U.S. dollar fundraising completed by the firm within a 30-month period following the onset of the COVID-19 pandemic, and it was one of the largest U.S. dollar fundraisings in China’s venture capital sector that year. The new fund broke with the precedent of approximately 30% growth in size compared to the previous fund, reaching more than double the total amount raised in the prior round.

The new fund comprises a main fund and a parallel healthcare fund. The main fund will continue to focus on early- and growth-stage investments in two key sectors: Technology and Consumer (T&C) and Healthcare. As with previous funds, Qiming Venture Partners’ eighth U.S. dollar fund has reached the maximum capital commitment pledged by its limited partners.

The eighth U.S. dollar fund will be led by Duane Kuang, Nisa Leung, William Hu, and Gary Rieschel, managing partners at Qiming Venture Partners, with full support from the investment and administrative teams in Shanghai, Beijing, Shenzhen, and Hong Kong.

Since its establishment in 2006, Qiming Venture Partners has demonstrated consistently outstanding returns in China’s venture capital sector. The firm has invested in more than 480 high-growth innovative companies, over 70 of which have become widely recognized unicorns and super unicorns. The vast majority of these companies received their initial funding from Qiming Venture Partners at the founding stage. More than 180 portfolio companies have achieved exits through listings on major global stock exchanges or via mergers and acquisitions, including Xiaomi Group, Gan & Lee Pharmaceuticals, Tigermed, Zai Lab, CanSino Biologics, Huitai Medical, Meituan, Bilibili, and Roborock. In recent years, Qiming Venture Partners has entered a peak period of IPO successes; since 2020, more than 30 of its portfolio companies have successfully gone public.

Over the two-plus years since the onset of the COVID-19 pandemic, Qiming Venture Partners has provided comprehensive support to its portfolio companies, bolstering their confidence and capabilities, helping them mitigate risks, and ensuring stable growth. In the first four months of this year alone, more than 40% of Qiming Venture Partners’ investments were follow-on rounds in existing portfolio companies. Furthermore, Qiming’s unique entrepreneur support system has created greater opportunities for its portfolio companies to collaborate and mutually support one another.

Qiming Venture Partners has proactively launched public welfare initiatives in areas such as common prosperity and pandemic response to give back to society. In 2021, Qiming Venture Partners donated RMB 100 million and jointly initiated the China Rural Revitalization Entrepreneur Support Program with the China Foundation for Rural Development. The program aims to train and empower 2,000 rural entrepreneurs and cultivate 40 social organizations across 40 counties.

“We are deeply grateful to all our limited partners for their strong trust and long-term support in Qiming Venture Partners. The oversubscription of our new fund reflects our shared, consistent confidence in the future,” said Gary Ku, Founding Managing Partner of Qiming Venture Partners. “With this new fund, we will continue to focus on innovations in China’s technology and consumer sectors, as well as healthcare and life sciences, helping entrepreneurs realize their dreams and build world-class companies.”

Yingyu Liang, Managing Partner at Qiming Venture Partners, stated: “Qiming Venture Partners focuses on investments in two major sectors: technology and consumer, and healthcare. Our professional investment team has extensive experience in helping startups become market leaders and has built a robust ecosystem of portfolio companies. We look forward to continuing our collaboration with more outstanding entrepreneurs, providing them with support to develop affordable solutions for patients with unmet medical needs worldwide.”

Qiming Venture Partners, established in 2006, has successively set up offices in Shanghai, Beijing, Suzhou, Hong Kong, Seattle, Boston, and the San Francisco Bay Area.

Qiming Venture Partners currently manages 11 US dollar-denominated funds and seven RMB-denominated funds, with total assets under management reaching $9.4 billion. Since its inception, the firm has focused on investing in outstanding early- and growth-stage companies in sectors such as Technology and Consumer (T&C) and Healthcare.

To date, Qiming Venture Partners has invested in more than 480 high-growth innovative companies. Among these, over 180 have achieved exits through listings on major exchanges—including the New York Stock Exchange (NYSE), NASDAQ, the Hong Kong Stock Exchange (HKEX), the Shanghai Stock Exchange (SSE), and the Shenzhen Stock Exchange (SZSE)—as well as through mergers and acquisitions. More than 70 of its portfolio companies have become industry-recognized unicorns and super unicorns.

Among the companies invested in by Qiming Venture Partners, many have grown into the most influential players in their respective fields, including Xiaomi Corporation (01810.HK), Meituan (03690.HK), Bilibili (NASDAQ:BILI, 09626.HK), Zhihu (NYSE:ZH, 02390.HK), Roborock Technology (688169.SH), Gan & Lee Pharmaceuticals (603087.SH), Tigermed (300347.SZ, 03347.HK), Zai Lab (NASDAQ:ZLAB, 09688.HK), CanSino Biologics (688185.SH, 06185.HK), Schrödinger (NASDAQ:SDGR), Huitai Medical (688617.SH), New Horizon Health (06606.HK), Venus Medtech (02500.HK), Sanyou Medical (688085.SH), AmoyDx (300685.SZ), Berry Genomics (000710.SZ), Sinocelltech (688520.SH), Yuanxin Technology, dMed-Clinipace, Belief BioMed, WeRide, Biren Technology, and UBTECH.