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VC firm INCE Capital Partners raises 2B yuan for 1st fund

INCE Capital Partners raised more than 2 billion yuan for its first investment vehicle, DealStreetAsia reported.

Investors included CV Starr, Mayo Clinic, Dietrich Foundation, University of Pittsburgh, Duke University, Carnegie Mellon University, Commonfund, Axiom Asia and Siguler Guff, the report said, citing a statement from the firm.

The Chinese venture capital firm, which was co-founded by former Qiming Venture Partners LLC managing partner JP Gan, will focus on early-stage companies in the internet, consumer and artificial intelligence sectors in China, according to the report.

As of Oct. 23, $1 was equivalent to 7.06 yuan.