Qiming Venture Partners, a Shanghai-based venture capital firm, announced Thursday the closing of the Qiming Venture Partners Fund VII, at $1.1 billion.
The fund will make early stage investments in the health-care and technology, media and telecom sectors, a news release said. Target areas for investment include "biopharma, medtech, diagnostics, health-care services, information technology, artificial intelligence, enterprise services, consumer internet and e-commerce."
The majority of commitments to the fund came from endowments — including the Princeton University Investment Co., manager of the New Jersey university's $26.1 billion endowment fund — foundations, family offices and private pension funds, the release said.
Jim Millar, managing director at Princeton Investment, could not immediately be reached for comment.
The size of Qiming's latest fund exceeded the $935 million it reported in April 2018 for Qiming Venture USD Fund VI.
Qiming, founded in 2006, has $5.3 billion in assets under management, the release said.