Legend Capital hires PV Wang, ups fundraising ambitions

Legend is in the process of raising up to $1.2 billion for its latest US dollar-denominated technology, media and telecom (TMT) and healthcare funds and for a debut semiconductor industry vehicle, according to sources familiar with the situation. The firm has also formed an investment platform – with a target of around $800 million – for large-ticket LPs that will offer access to the fund portfolio and to co-investment opportunities.

Wang previously spent 16 years with Adams Street Partners and was instrumental in formulating the firm's Asia fund investment strategy, eventually becoming the partner in charge of global primary investment. He departed in 2015 and joined Chinese wealth manager Noah Holdings as co-CIO with responsibility for international investments. Prior to joining Legend, Wang served as a senior advisor to the fund-of-funds division at CDB Capital, the investment arm of China Development Bank.

He has a longstanding relationship with Legend, having been an LP in the firm's US dollar and renminbi funds through Adams Street and CDB Capital, respectively. Legend said in a statement that Wang would take charge of mid and back-office operations in Hong Kong. His appointment is intended to support the development of the management team, the expansion of cross-border investments, and the further internationalization of the LP base. The statement regarding Wang's recruitment makes no mention of fundraising.

Legend was established in 2001 when Chuanzhi Liu, president of Legend Holdings, brought in Linan Zhu to launch an investment business. Legend Holdings provided the entire $35 million corpus for Fund I. The firm is now an independent subsidiary under Legend Holdings with $7 billion in assets under management across 20 funds. It focuses on venture capital and growth-stage investments. As of 2017, Legend had backed approximately 400 companies, with 70 IPOs and over 50 trade sales.

The firm closed its first US dollar healthcare fund at $250 million in 2015 and its seventh venture capital vehicle closed at $448 million two years later. The targets are the same for the latest iteration of each fund. There are also plans to raise $300-500 million for a semiconductor fund. This will be run by a separate GP – SL Capital – which is jointly owned by Legend and Korea's SK Group, the sources said.

The partnership with SK runs deeper than a single fund. The Korean conglomerate has joined Legend Holdings as an anchor LP in Legend Capital and will invest in every fund launched. The investment platform is said to be another way in which the firm is developing its relationships with large and strategically significant LPs.

For a minimum commitment of $100 million, investors will get allocations to the TMT, healthcare and semiconductor funds, exposure to co-investment opportunities that arise from these vehicles, and the right to participate in advisory council meetings. In addition, there is the prospect of access to a pipeline of direct deals – separate from the funds – that are sourced through Legend's network.

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