Qiming Venture Partners, a venture capital firm that has backed some of China’s biggest tech companies, is planning a major leadership transition as it prepares to raise a new US-dollar venture fund next year, according to The Information.
The report, which quoted three people with knowledge of the plan, said two of Qiming’s managing partners, Nisa Leung and Duane Kuang, will step back from their roles to allow younger partners to take on more prominent positions.
The move comes as the venture firm is reportedly targeting $800 million to $1 billion for a new US-dollar venture fund in 2025.
Kuang, who co-founded Qiming in 2006 with Gary Rieschel, will continue to lead the firm during the raising and allocation of the next fund. He plans to step back after that, the report added.
Rieschel, the other founding manager partner, already stepped backed from his previous role is no longer involved in the firm’s operations or investment decisions.
Leung, on the other hand, will oversee the deployment of the current funds and will become an advisor after that.
Last May, Qiming promoted Alex Zhou as a managing partner to spearhead the firm’s investments in frontier technologies, including artificial intelligence (AI).
As Qiming’s fourth managing partner after Kuang, Leung, and William Hu, Zhou first joined the firm in 2014 as a vice president and has since participated in or led deals in tech companies across the AI, robotics, semiconductors, new energy vehicles (NEVs), and software sectors.
Founded in 2006, Qiming manages 11 US dollar funds and seven RMB funds with $9.5 billion in capital raised. With a focus on early- and growth-stage firms in the technology, consumer, and healthcare sectors, Qiming has backed over 530 companies since its inception.
Qiming’s portfolio includes TikTok owner ByteDance, consumer electronics designer and manufacturer Xiaomi, shopping platform Meituan and video-sharing platform Bilibili.
