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CHINA BRIEF| Qiming Venture Partners closes USD 1.1 billion fund, targeting early stage healthcare and TMT startups

The VC firm distributed over USD 1 billion in cash returns to limited partners in 2019.

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Qiming Venture Partners said Thursday that it has closed a USD 1.1 billion fund which will focus on early-stage healthcare startups, in addition to technology, media, and telecom (TMT) investments, according to the firm’s WeChat public account.

The Qiming Venture Partners Fund VII, which has a series of limited partners (LPs) including Princeton University Investment Company as investors, will be managed by teams based in Shanghai, Beijing, Shenzhen, and Hong Kong, said the company.

Previously, the firm collected other investing funds destined to areas such as biopharma, medtech, diagnostics, information technology, artificial intelligence, and enterprise services, among others.

Qiming, which distributed over USD 1 billion in cash returns to LPs in 2019, said that it is pleased to close the fund at its targetted amount and on its initial timetable considering the challenges caused by the COVID-19 pandemic and geopolitical uncertainties.

The firm has 30 companies on its portfolio which are now public, including Xiaomi, Bilibili, and Meituan Dianping, and currently has 35 companies in the IPO pipeline.

Hillhouse Capital also announced in February that it has set up a new fund called GL Ventures, which will manage RMB 10 billion (USD 1.4 billion) capital to support early-stage startups in sectors including biomedicine and medical equipment, KrASIA reported.

This article is part of KrASIA’s “China Brief” section, where KrASIA’s reporters will provide quick daily updates about the tech ecosystem in China.