Qiming To Close Fifth U.S. Dollar Venture Fund With $650 Million

Qiming Venture Partners, a China-focused venture firm is expected to close its fifth US dollar fund tomorrow, with at least $650 million in capital commitments, according to media reports. The company's latest initiative, which joins three RMB-denominated and the four previous dollar funds, will bring Qiming's total assets under management to more than $2.3 billion. Qiming said it invests about 40% of its capital -- over $600 million to date -- in life science companies.