Qiming Venture Partners, a leading venture capital firm in China, is gearing up for a leadership transition as it prepares to launch a new US-dollar venture fund in 2025.

The firm is aiming to raise between $800 million and $1 billion for this upcoming fund, according to reports.

Founded in 2006, Qiming manages a total of $9.5 billion across 11 US-dollar funds and seven RMB funds, having backed over 530 companies in sectors such as technology, consumer, and healthcare.

Nisa Leung will oversee the deployment of current funds and will transition to an advisory role following this leadership change.

Notable companies in Qiming's portfolio include industry giants like ByteDance, Xiaomi, Meituan, and Bilibili.

Duane Kuang, a co-founder since the firm's inception, will continue to lead during the fundraising and allocation of the new fund before also stepping back.

As part of the transition, managing partners Nisa Leung and Duane Kuang will step back to allow younger partners to take on more significant roles.

Gary Rieschel, the other co-founder, has already distanced himself from operational and investment decisions at Qiming.

Alex Zhou, who joined Qiming in 2014 and has been instrumental in various tech deals, was promoted to managing partner in May 2024 to focus on investments in frontier technologies like artificial intelligence.