Princeton-backed China healthcare/tech strategy raises more than $1bn

Qiming Venture Partners announced the closing of Qiming Venture Partners Fund VII, a fund focused on early stage healthcare and technology, media and telecom investments. The portfolio will center on areas such as biopharma, medtech, diagnostics, health care services, information technology, artificial intelligence, enterprise services, consumer internet and e-commerce. Closing at $1.1 billion, the fund attracted capital from endowments, foundations, family offices and private pensions. Jim Millar, managing director at Princeton University Investment Company (PRINCO) said, "Qiming has developed a strong reputation and track record as a leading venture capital firm and is notable for its culture of partnership within the firm, with entrepreneurs, and with LPs." The university endowment has a 30% target allocation to private equity investments. In its annual report the endowment office said it is currently the large overweight in private equity is unintentional and is due to two key factors. PRINCO recognized that its commitments to private equity funds during fiscal years 2006 through 2008 were too high, officials stated in the endowment’s annual report. And secondly, that pull back has been hampered thanks to very strong performance of 15.3% annualized as of June 30, 2019. "Princeton is proud to have partnered with Qiming as an anchor investor since inception almost 15 years ago," said Amy Zhou, Principal at PRINCO. Founded in 2006, Qiming Venture Partners is a leading China venture capital firm with offices in Shanghai, Beijing, Suzhou, Shenzhen, Hong Kong, Seattle, Boston and San Francisco Bay Area. Currently Qiming Venture Partners manages nine US dollar-denominated funds and five RMB funds with $5.3 billion assets under management. With investment and administrative teams based in Shanghai, Beijing, Shenzhen and Hong Kong, Fund VII is led by Managing Partners Duane Kuang, Nisa Leung, William Hu and Gary Rieschel. According to Qiming, the firm has invested in over 30 market leaders that have grown to more than $1 billion in valuation – the majority of which were early stage at the time of initial investment. The team has also taken 35 of its portfolio companies are now public including: Xiaomi, Meituan Dianping, Bilibili, Roborock, Tigermed, Zai Lab, CanSino and Venus MedTech. Qiming added that it has more than 30 companies in the IPO pipeline. Having backed over 350 fast-growing and innovative companies, Qiming boasts over 110 companies that are already listed on NYSE, NASDAQ, HKEx, Gretai Securities Market, Shanghai Stock Exchange and Shenzhen Stock Exchange, or achieved exit through M&A and other means. Qiming distributed over $1 billion in cash returns to limited partners in 2019. In 2019, officials also restructured to better position the firm for future opportunities in China, officials announced in a press release.

Princeton-backed China healthcare/tech strategy raises more than $1bn

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