China’s Qiming Venture Partners earmarks US$648 million for innovative Chinese start-ups ranging from IT to health care

Mainland Chinese firm Qiming Venture Partners, an early investor in high-flying technology start-up Xiaomi, has closed its fifth US dollar venture capital fund with commitments totalling US$648 million, earmarked for innovative domestic entrepreneurs in the information technology, internet, consumer, health care and so-called clean tech sectors.

“Qiming strives to be the investor of choice for top entrepreneurs in China,” Qiming said on Tuesday.

The company, which started operations in 2006, said its portfolio includes over 160 investments distributed among its targeted sectors.

Assets under management have reached US$2.5 billion through five US dollar funds and three yuan-backed funds.

“Today’s venture market in China presents more opportunities and challenges than ever,” said Ed Grefenstette, the president at US-based trust and investor The Dietrich Foundation.

“Qiming enjoys that rare combination of extraordinary talent, experience and discipline.”

The firm invests in early- and expansion -stage deals, with more than 50 per cent of its transactions involving early-stage companies.