Pursuits
China Venture Firm Raises $648 Million From Princeton, Duke
- Qiming Venture has backed China startups Xiaomi, Dianping
- Firm's assets under management climb to $2.5 billion
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China’s economy may be slowing. The country’s startups may be headed for a shakeout. That isn’t stopping Gary Rieschel from making his firm’s biggest bet yet on the nation’s entrepreneurs.
His venture capital firm, Qiming Venture Partners, just raised $648 million from investors including Princeton University and Duke University. It’s the firm’s largest fund since it was founded in 2006 and brings assets under management to $2.5 billion. It’s also the eighth largest China-based fund ever, according to consultancy Preqin Ltd.