Ignition Partners expanded on the success of its
Qiming Venture Partners sister fund for investment in China, raising
$320 million in a second
fund and expanding its management with key hires from other Chinese venture programs.
Qiming Venture Partners II will retain the broad industry and stage
focus of its first fund, investing in healthcare, technology, media and
consumer deals from startup to growth and expansion rounds. Qiming
Venture Partners I was formed in February 2006 by Ignition, along with
Duane Kuang, former director of Intel Capital China, and Gary Rieschel,
founder of Mobius Venture Capital Inc.
The fund intially raised $200 million. It was created as part of a larger Ignition strategy to extend the firm's core business wiith specialized vehicles while sharing sourcing,
due diligence, business development, and back-office and administrative
functions with the parent firm, as it did with a specialized $80
million late stage
fund.
The second fund adds new investment professionals in former Bessemer
Venture Partners China representative Hans Tung and Chinese media and
consumer investment veteran Richard Chen. Ignition partner
Robert
Headley will relocate to work directly on investments in China.
Ignition has coinvested alongside Qiming in deals including broadband
content distribution network
ChinaCache and Internet entertainment services provider Koowo Koowo.
-- Clifford Carlsen
See May 27 press release from Qiming Venture Partners
See October 2007 post from Tech Confidential
See April 2007 story from TheDeal.com
For more see AltAssets
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