Qiming Venture Partners, an early stage venture capital firm from China, has announced their final closing of their $1.2 billion Fund VII.

Fund VII, which focuses on early stage healthcare and TMT investments, is also the largest fund to be raised in 2020 with a focus on investing in China's market.

Like many of their previous funds, a majority of fund VII's capital comes from endowments, foundations, family offices, and private pensions.

The fund will be led by managing partners Duane Kuang, Nisa Leung, William Hu, and Gary Rieschel.

Since their establishment in 2006, Qiming has backed over 370 fast-growing companies (mostly at early-stage), where over 30 have achieved unicorn status.

Some of their portfolio companies that have gone public include Xiaomi, Gan & Lee Pharmaceuticals, Meituan, Bilibili, and many others.

"International investors are bullish about China's economy and optimistic about the investment return from the China market. They are keen on investing in China's top-tier VC funds," said Duane Kuang, Founding Managing Partner of Qiming Venture Partners.