Gary Rieschel, founding managing partner of Qiming Venture Partners. Credit: Bryan van der Beek/Bloomberg via Getty Images
With China's top economic officials signaling more support for its economy and financial markets, investors are wondering whether the bruising crackdown on China's tech sector might finally be subsiding. Qiming Venture Partners is one top venture capital firm betting it is.
The Wire can confirm that Qiming recently raised $2.4 billion from U.S. institutional investors for its new U.S. dollar fund, Qiming Venture Partners Fund VIII. That figure significantly exceeds the $1.8 billion that the firm had been expecting to raise, a signal that institutional appetite for investing in China remains strong. Qiming, whose limited partners include U.S. university endowments, public pension funds and the UK's development finance institution, now has over $8 billion in assets under management across 11 U.S. dollar funds and six RMB funds.
Qiming has a stellar record for backing unicorns. It made its name as an early investor in Xiaomi, now the world’s second largest smartphone maker,
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