Private Equity News & Analysis

Qiming Venture Partners closes $320m fund

The China-focussed venture capital firm has raised its second fund and expanded its investment team in the country.

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Qiming Venture Partners, a Chinese venture capital firm, has raised $320 million (€203 million) for Qiming Venture Partners II, its second fund. It will primarily invest at the early stage, though it will also make a few gorwth and expansion capital investments along the lines of its predecessor fund.

JP Gan, managing director of Qiming Venture Partners, said in a statement that the firm has been active in each of its major sectors over the last year and it believes “in maintaining a consistent pace and approach to doing investments in China.” The fund will invest in the media and internet, technology, healthcare and consumer sectors.

Duane Kuang, founder and managing director of Qiming Venture Partners, said that “China is going through a very interesting time in its development” and various aspects of the industry have matured.

The firm has also recently made appointments to strengthen its investment team in China. Hans Tung, who was formerly at Bessemer Venture Partners, a venture capital firm focussed on making investments in the US, China, Israel and India, has been appointed as a partner; Richard Chen, formerly the chief executive officer of Yifei Investment Holding, a Chinese media and consumer investment group, has joined the firm as a venture partner; and Robert Headley, a partner at US sister-firm Ignition Partners, has also joined Qiming’s investment team in China. The firm has also promoted Nisa Leung to partner.

Qiming’s recent investments include Crown Bioscience, a clinical research company; 9Diamond.com, an e-commerce company; eHi, a Chinese auto rental and travel services company; Ether Precision, a manufacturer of glass lens for cell phones; and Oriental Cambridge, an academic group providing education from kindergarten through university.

The firm was established in 2006 and it manages assets of more than $500 million. It is an affiliate of Ignition Partners, a US-based venture capital firm.

Qiming Venture Partners did not return calls by press time.