Qiming Venture Capital strikes $1.2bn final for Fund VII, thought to be China’s biggest VC raise this year


Qiming Venture Capital has scored what is thought to be the biggest VC fund close in China this year through a $1.2bn final close of its seventh flagship US dollar investment vehicle.

The firm also revealed it had hit a first close for its renminbi-denominated RMB fund VI, although did not state how much has been raised so far.

Qiming had earlier this year announced a $1.1bn close for USD Fund VII, but has added to that slightly in the last few months.

Two years ago the firm closed a trio of new funds totalling $1.39bn, including a dedicated healthcare vehicle.

The firm closed Qiming Venture USD Fund VI with $935m of commitments and Qiming Venture RMB Fund V with RMB2.1bn, which will target Chinese companies in the internet and consumer, healthcare, IT and cleantech sectors.

It also held a $120m final close at that point for Qiming US Healthcare Fund I to focus on early stage health care opportunities in US.

Fund VII will target areas including biopharma, medtech, diagnostics and healthcare services, as well as IT, AI, enterprise services, consumer internet and e-commerce.

Qiming founding managing partner Duane Kuang said, “International investors are bullish about China’s economy and optimistic about the investment return from the China market.

“They are keen on investing in China’s top-tier VC funds.”

Qiming has made more than 60 investments this year in the TMT and healthcare sectors.

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