JP Gan, the former managing partner of Qiming Venture Partners, has closed his debut fund, which will target Chinese internet businesses, at $352 million.
INCE Capital, which Gan founded with another Qiming-veteran Steven Hu, raised more than its previous expectations of $250 million, according to a press release.
The new fund gathered investors from Pittsburg University, Duke, Carnegie Mellon, Dietrich Foundation, Commonfund, Mayo Clinic and others. It completed the fundraising within four months.
INCE Capital is looking at online opportunities in China. Although the number of mobile internet users in the country decreased by 2 million in the second quarter of the...