The China-based venture firm has closed an oversubscribed first fund that included CV Starr and Mayo Clinic as limited partners.

Insurance firm CV Starr and healthcare provider Mayo Clinic are among the limited partners for the $352m debut fund of venture capital firm Ince Capital Partners, China Money Network reported yesterday.

The fund’s other LPs include charitable trust Dietrich Foundation, asset manager Commonfund, fund managers Unicorn Capital Partners and Axiom Asia Private Capital, investment firm Siguler Guff and endowments for Duke University, University of Pittsburgh and Carnegie Mellon University.

Ince Capital Partners was formed in July this year and will back early-stage businesses in China with a focus on consumer-related technologies.

The oversubscribed fund had a $250m original target and secured $163m for a first close in August. Founding partners and their friends put up $24m for the vehicle while the other $328m came from external investors.

The firm was co-founded by JP Gan and Steven Hu, formerly managing partners for venture capital firm Qiming Venture Partners which, like Ince Capital, is based in China.

The firm’s third managing partner is Paul Keung, a former chief financial officer for online education platform iTutor Group and children’s social networking portal Taomee, both of which are Qiming Venture Partners portfolio companies.

The original version of this story appeared on our sister site, Global University Venturing.