The final closure of the US dollar-denominated Fund VIII, valued at US $2.5 billion, and the first close of the yuan-denominated Fund VII, valued at 4.7 billion yuan (about US $700 million), were both completed, according to the Chinese venture capital company Qiming Venture Partners.
The transactions increased the firm’s total capital raised to US$9.4 billion, which was distributed across 11 US dollars and seven yuan-denominated funds.
Fund VIII will be concentrated on early and growth-stage technology, consumer, and healthcare firms, according to a statement from Qiming Venture Partners. The managing partners Duane Kuang, Nisa Leung, William Hu, and Gary Rieschel are in charge of the fund.
The VC company, which was founded in 2006, has invested in 480 businesses; more than 70 of these have joined the unicorn club. About 180 of the companies in its portfolio, including Xiaomi, Meituan, and Bilibili, have left through public listings, mergers, acquisitions, and other strategies.
For its yuan-denominated Fund VI, Qiming Venture Partners raised 2.8 billion yuan (about $433 million USD) at the beginning of the year. It invested in the IT, media, and telecom industries as well as the healthcare industry using the fund.
Aside from the San Francisco Bay Area, the VC company now has offices in Shanghai, Beijing, Suzhou, Hong Kong, Seattle, and Boston.