Qiming closes fourth dollar-denominated China fund on $500m

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china chinese flagChinese early-stage investment firm Qiming Venture Partners has reportedly closed on $500m for its latest dollar denominated fund targeting its home region.

The fourth fund of its type was oversubscribed according to AVCJ, which said it had beaten its predecessor by about $50m.

Qiming targets young, fast-growing companies across China in the media and internet, IT, consumer, healthcare and cleantech sectors.

The firm already had about $1.1bn under management ahead of the final close of the latest fund.

It is led by Gary Reischel, Dune Kuang, JP Gan and Nisa Leung, the latter of which was promoted to managing partner last summer.

Leung, who joined Qiming as a venture partner in 2006, has represented the firm on a number of healthcare investments including CITIC Pharmaceuticals and Aeonmed Medical.

Other deals made the by firm include English language tuition business TutorGroup and clothing retailer Vancl.

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