Qiming Venture Partners raised $3.2 billion across two funds in the latest signal of a potential resurgence in Chinese venture capital investment.
The firm closed its oversubscribed USD Fund VIII at $2.5 billion and also raised roughly $700 million in a yuan-denominated fund, both aimed at supporting startups in technology, consumer and health-care sectors. Qiming manages $9.4 billion across 18 funds after the fundraising, it said in a statement on Monday.
Venture funding in China plummeted at the start of this year as the government’s far-reaching crackdown on tech hit valuations across public and private markets. VC and private equity funds raised only $6.2 billion in the first five months of 2022, a 90% drop from the previous year, and startup investments slowed 40% to $34 billion, according to data from research firm Preqin.
Read more: BNN Bloomberg
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