Qiming hits $930m final close on latestrenminbi fund
Thursday, May 18, 2023
(AVCJ by Larissa Ku) – Qiming Venture Partners has closed its seventh renminbi-denominatedfund on CNY 6.5bn (USD 930m), marking what it claims is China's largestlocal currency fundraise of 2023 to date.
Last year, when the venture capital firm announced a final close of USD 2.5bn on its eighthUS dollar fund, it was revealed that CNY 4.7bn has been raised for the latest renminbi vehicle.Though not clearly stated at the time, this constituted a first close.
Qiming has now raised USD 9.5bn across 18 funds since its inception in 2006. There hasbeen a significant increase in fund size for both currencies – the latest vintages coming in atmore than twice the size of their predecessors. Renminbi Fund VI closed on CNY 2.8bn in2021.
LPs in the new fund include insurance companies, independent fund-of-funds, listedcorporates, state-owned enterprises, and government guidance funds. The re-up rate was more than 70%. Qiming noted in a statement that eight insurance companies participated – compared to two in Fund VI – and their share of the corpus amounted to 25%.
