Chinese venture capital firm Qiming Venture Partners has closed its third fund on $450 million, bringing its assets under management to more than $1 billion.
According to a statement, almost all limited partners for Qiming III are returning LPs from its predecessor funds.They include Siguler Guff, Robert Wood Johnson Foundation, Grove Street Advisors and Emerald Hill. New investors include Harvard University Endowment and University of Texas Investment Management Company.
“We have enjoyed great success and an excellent working relationship with Qiming and it was a very straightforward decision to participate in Fund III,” Ching Tan, managing director at Siguler Guff, said in the statement.
The fund will continue Qiming’s investment focus in the sectors of information technology, consumer and internet, healthcare and cleantech. With a bite size of between $500,000 to $30 million, the firm invests in companies in the early and expansion stages.
In addition, the firm has also promoted Hans Tung to managing director. Since joining the firm as a partner in 2008, Tung has focused on investments in the sector of internet and consumer. Deals he led included eHi Car Rental, e-commerce company VANCL, social networking website Kaixin, and YPX Food.
Prior to Qiming, Tung initiated Bessemer Venture Partners’ China investment practice. He was also a founding member of Taipei-based Crimson Asia Capital, and helped to raise $435 million for the firm.