Chinese venture capital firm Qiming Venture Partners has secured $3.2 billion in capital commitments from the close of its latest funds, according to its statement on July 11.
Qiming closed its USD Fund VIII at $2.5 billion while it hit the first close of its RMB Fund VII at RMB 4.7 billion ($700 million).
With this, the capital raised by the firm has touched $9.4 billion across 18 funds.
Committed capital includes the Qiming Venture Partners Fund VIII main fund which focuses on early and growth-stage technology and consumer and healthcare investments. It also has exposure to the Qiming Venture Partners Fund VIII-HC – a parallel healthcare fund that invests alongside the main fund, Fund VII.
Qiming Venture Partners noted that its Fund VIII was oversubscribed and reached its hard cap for limited partner commitments.
The fund is led by its managing partners Duane Kuang, Nisa Leung, William Hu, and Gary Rieschel, with the support of the company’s investment and administration teams in Shanghai, Beijing, Shenzhen and Hong Kong.
The latest announcement comes close to a month after Qiming Venture Partners US closed out an oversubscribed $260 million financing round.
The US healthcare investment firm, affiliated with China’s Qiming Venture Partners, drew in $260 million for its third round, with support from undisclosed new and existing investors.
The new money was slated to go to early-stage therapeutics and healthcare tech companies in both the US and Europe.
Founded in 2006, Qiming – which loosely means enlightened in Chinese – has offices in Shanghai, Beijing, Suzhou, Hong Kong, Seattle, Boston and the San Francisco Bay Area.
The venture capital firm has backed over 480 of the fastest-growing companies, of which over 70 have achieved unicorn status. It notes that a majority of these investments were early stage.
Over 180 of its portfolio companies have also achieved exits by going public on the New York Stock Exchange (NYSE), NASDAQ, Hong Kong Exchange (HKEX), Shanghai Stock Exchange, or Shenzhen Stock Exchange. Others have gotten exits through M&As or other means.
Some of Qiming’s portfolio companies include consumer electronics company Xiaomi, e-commerce platform Meituan and video sharing operator Bilibili.
Meanwhile, Qiming US – which was set up in 2017- has raised over $550 million and boasts more than 30 portfolio companies, including Elevation Oncology.