Legend raises $448m for seventh China VC fund
Legend Capital has closed its seventh China-focused venture capital fund at $448 million. The vehicle is smaller than the firm’s previous vehicle – which raised $500 million in about five months – and spent longer in the market.
The final close came on April 8, according to a source familiar with the situation. LC Fund VII launched in February of last year with an institutional target of approximately $375 million. A regulatory filing dated April 20 indicated that $423.2 million had been raised. This did not include the GP commitment.
Beijing-based Legend was set up in 2011 with support from Legend Holdings, parent company of Lenovo. It now operates as an independent venture capital subsidiary under Legend Holdings, and has more than RMB30 billion in assets under management across US dollar and renminbi funds. Legend had invested in more than 300 companies as of 2016, realizing 50 IPO and 40 M&A exits.
Since Fund VI closed in April 2014, the firm has seen some turnover within the team, notably the departure of Erhai Liu, who was head of technology, media and telecom (TMT) investments. Liu formed his own firm, Joy Capital, and closed his debut fund at $200 million in June of last year.
Legend primarily invests in early-stage to late expansion rounds for companies specializing in areas such as TMT, consumer, professional services, intelligent manufacturing, healthcare, and culture and sports. Recent deals include rounds for online clothing retailer Dora’s Dream, truck logistics platform Fuyoukache, and beauty clinic chain PhiSkin.
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