Qiming Venture Partners has established a 250 million RMB ($36.7 million) fund that will concentrate on biomedical companies located in the Beijing area. The National Development and Reform Commission (NDRC) and Beijing’s Municipal Government are partners in the fund, and government sources contributed 40% of the capital. The new fund follows an increasing trend of RMB-denominated venture and private capital funds. It will invest 60% of its capital in Beijing-based biomedical companies. More details...