Qiming Venture Partners Announces the Successful Closing of three new funds totaling $1.39 Billion
SHANGHAI, April 16, 2018-- Qiming Venture Partners ("Qiming", www.qimingvc.com), a leading venture capital firm in China, today announced the successful closing of three new funds totaling $1.39 billion. The new funds include Qiming Venture USD Fund VI with $935 million in commitments and Qiming Venture RMB Fund V with ￥2.1 billion in commitments, focused on the investment in outstanding Chinese entrepreneurs in the Internet and Consumer ("Intersumer"), Healthcare, Information Technology and Cleantech sectors. In addition, Qiming closed Qiming U.S. Healthcare Fund I with $120 million in commitments, focused on early stage health care opportunities in US. With these new funds, Qiming now manages over $4 billion across 12 funds.
Qiming's portfolio includes over 250 investments distributed among its targeted sectors. Qiming Venture Partners invests in early-stage and expansion-stage deals, with over 50% of its investments in early stage companies. At least 20 private companies in the Qiming portfolio are now valued at $1 billion or more, and 17 of which have grown up to be the real unicorns in the industry, including Xiaomi, UBTech, We Doctor Group, Face++, APUS, Mobike, Tujia.com, Tuhu.cn, TutorGroup (VIPABC), Zhihu, Luojisiwei, Gan & Lee, Meituan-Dianping, Wacai.com, Musical.ly, Meili Inc. and Sinocelltech.
Outstanding Qiming Core Team
There are currently over 30 investment professionals within Qiming China and Qiming US, and all the senior team members have strong investment and operation experience coveted by today's entrepreneurs.
Qiming China takes great pride in its investment team. Managing Partners Gary Rieschel, Duane Kuang, JP Gan, Nisa Leung, and William Hu are all recognized leaders in their respective areas and within the venture capital community. They are proud to be joined by Partners Yong Zhang, Grace Lee, Janet Yu, Helen Wong, Jing Wu, Kuantai Yeh and Steven Hu as the leadership team for Qiming. In the meantime, Principals Peter Yin, Stella Zhou, Alex Zhou and Bonnie Wang have gradually established themselves among the new generation of young and outstanding investors in the venture community.
For the newly established Qiming US health care fund, under the leadership of founding Managing Partner Gary Rieschel, Mark McDade and Chris Shen joined as Managing Partners and Jennifer Hu as Partner.
9 IPOs in the past 18 months
Over the past 18 months, Qiming team have made dazzling achievements, with 9 portfolio companies successfully completed IPOs in China, HK and US market.
•Hexing, a multi-national company offering variety of electrical equipment and relevant solution to global power utilities, was successfully listed on the main board of Shanghai Stock Exchange in November 2016
•Meitu Inc., a leading photo editing and self-photographing application developer and smart phone provider in China, was successfully listed on the Hongkong Exchange in December 2016
•CSD, a comprehensive water service provider, focused on water treatment, sewage and sludge treatment, was listed on the main board of Shanghai Stock Exchange in March 2017
•Tellgen, a high-tech enterprise specializing in the development, production and promotion of high-end extracorporeal diagnostic reagents, was listed on the Shenzhen ChiNext board in April 2017
•AmoyDx (SZ 300685), a leading developer for cancer companion diagnostics, was listed on the Shenzhen ChiNext board in August 2017
•Berry Genomics, an industry leader of gene sequencing technology to realize clinical transformation, completed its back-door listing on the main board of the Shenzhen Stock Exchange in September 2017 and announcement of Change of Name
•Zai Lab, a leading biotech company in China developing innovative medicines, focusing on large unmet medical needs in China, hit Nasdaq with IPO in September 2017
•Bilibili, a China's top online anime and video streaming site, successfully landed on Nasdaq in March 2018, marking a milestone in ACGN culture
•ARMO Biosciences, a clinical trial stage immune-oncology company successfully completed an IPO in January, 2018.
"We are pleased to announce a series of new funds for Qiming Venture Partners. We have closed our sixth dollar-based vehicle for China (Qiming VI) at the $935M cap, our fifth RMB-denominated vehicle (Qiming RMB V) at 2.1billion RMB, and our first fund focused outside of China, Qiming U.S. Healthcare I, also closed at its $120M cap. The performance of Qiming has validated our team and sector focused strategy, with every Partner in the firm generating positive returns to LPs, as well as each sector having multiple IPOs in the last two years. All our LPs from prior China funds returned for the latest funds, and we had significant overlap between our China Fund and U.S. Fund investors," said Gary Rieschel, Founding Managing Partner of both Qiming China and Qiming US. "It has been incredibly rewarding to be part of the development of Qiming over the past twelve years. We have now raised over $4B dollars or dollar-equivalent, and are consistently ranked in the very top echelon of China-based venture investors."
Jim Millar, Managing Director at Princeton University Investment Company said, "Qiming has developed a strong reputation 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 since inception as its anchor investor."
Most of the LPs in Qiming Venture USD Fund VI and Qiming Venture RMB Fund V are returning LPs from prior Qiming funds. The U.S. fund LPs include Princeton University, MIT, Duke University, Commonfund, Hall Capital Partners, Mayo Clinic, The Dietrich Foundation and NGS Super among others. The RMB fund LPs include Oriza FOFs, CDB Capital FOF, CICC, Xiamen C&D Corporation, Suzhou Fund, LUPU Investment and Hang Tang Wealth.
About Qiming Venture Partners
Founded in 2006, Qiming is a leading China venture capital firm with offices in Shanghai, Beijing, Suzhou, Shenzhen and Hong Kong. In 2017, Qiming raised its first US fund, and set up Qiming's US offices in Seattle, Boston and Palo Alto. Currently Qiming manages seven US Dollar funds and five RMB funds with US$4 billion assets under management.
Qiming strives to be the investor of choice for top entrepreneurs in China. Since our debut, we have backed over 250 young, fast-growing and innovative companies across China in the internet and consumer ("Intersumer"), healthcare, information technology and clean technology sectors. Over 50 of them are already listed on NYSE, NASDAQ, HKEx, Gretai Securities Market, Shanghai Stock Exchange, and Shenzhen Stock Exchange or achieved exit through M&A. There are also nearly 20 portfolio companies that have been recognized as unicorns in the industry. And many of our portfolio companies are today's most influential brands in their respective sectors, including Xiaomi, Meituan-Dianping, TutorGroup (VIPABC), Meili Inc., Meitu, Bilibili, Tigermed, Gan & Lee, Zai Lab, Hexing, CSD, Tellgen, AmoyDx, Berry Genomics, HyperStrong, We Doctor Group, Face++, UBTech, Mobike and JingChi. Qiming consistently ranks among the top venture firms in terms of returns to its investors.
Qiming drives innovation and growth of business enterprises and promotes overall industry advancement and social development. With access to our partners' experience and global network as well as our excellent industry background, we spare no efforts in helping our entrepreneurs and their companies succeed!
Tel: (86 21) 61016522
Fax: (86 21) 6101 6512
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