Duke, Pittsburgh and Carnegie Mellon have put up funding for a China-facing consumer tech fund launched by two former managing partners of Qiming Venture Partners.
Endowments for Duke University, University of Pittsburgh and Carnegie Mellon University are among the limited partners for the $352m debut fund of venture capital firm Ince Capital Partners, China Money Network reported today.
Other limited partners include insurance firm CV Starr and healthcare provider Mayo Clinic, as well as charitable trust Dietrich Foundation, asset management firm Commonfund, fund-of-funds manager Unicorn Capital Partners, fund manager Axiom Asia Private Capital and investment firm Siguler Guff.
The oversubscribed fund had a $250m original target and it secured a first $163m close in August 2019 from unnamed limited partners. Institutional investors supplied $328m, with the founding partners and their friends putting up the remaining $24m.
Ince Capital Partners was formed in July 2019 by former Qiming Venture Partners managing partners JP Gan and Steven Hu.
The firm’s third managing partner is Paul Keung, former chief financial officer at online education platform iTutor Group and children’s social networking portal Taomee, both portfolio companies of Qiming Venture Partners.
The fund will back early-stage businesses in China with a focus on consumer-related technologies.
