China-based venture capital firm Qiming Venture Partners closed a $935m fund on Monday with limited partners (LPs) including Princeton University, Massachusetts Institute of Technology and Duke University.
The Qiming Venture USD Fund VI (Qiming VI)’s investors also include medical practice and research group Mayo Clinic, as well as superannuation fund NGS Super, Commonfund, Hall Capital Partners and Dietrich Foundation.
The vehicle was announced alongside two other funds: the Chinese yuan-denominated Qiming Venture RMB Fund V (Qiming RMB V), which has attracted RMB2.1bn ($334m) in commitments, and the Qiming US Healthcare Fund I, which has secured $120m.
Both Qiming VI and Qiming RMB V will target Chinese companies in the internet and consumer healthcare, IT and cleantech sectors, while the Healthcare Fund will invest in early-stage healthcare startups in the US.
The LPs in Qiming RMB V include conglomerate Xiamen C&D Corporation and CDB Capital, a subsidiary of financial institution China Development Bank, as well as Oriza FOFs, CICC, Suzhou Fund, Lupu Investment and Hang Tang Wealth.
It is not clear who the investors in the Healthcare Fund are.
Qiming Venture Partners now has more than $4bn under management, spread across 12 funds. Princeton University previously backed the $500m Fund IV in 2014, investing alongside New York University and Utimco, the investment corporation of University of Texas and Texas A&M system.
Jim Millar, managing director at Princeton University Investment Company, said: “Qiming has developed a strong reputation as a leading venture capital firm and is notable for its culture of partnership within the firm, with entrepreneurs, and with LPs.
“Princeton is proud to have partnered with Qiming since inception as its anchor investor.”
