Legend Capital closes sixth China VC fund at $500m

The vehicle, LC Fund VI, spent just four months in the market, attracting five new investors, according to a source familiar with the situation.

Most of the commitments are from existing investors, including $30 million from Texas County & District Retirement System (TCDRS). The system committed $5 million to Legend's previous US dollar fund, which closed in May 2011 at $515 million.

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, managing five US dollar funds and two renminbi funds, with more than RMB13 billion ($2.1 billion) in assets under management.

The firm, which focuses on early-stage venture capital and growth stage investments, had backed more than 170 companies as of January 2014 and made 23 exits via IPOs and another 13 through trade sales. Recent exits include Dihon Pharmaceutical Group, a manufacturer of herbal traditional Chinese medicines (TCM) that was bought by Bayer.

A total of 20 China-focused VC funds have raised $3.26 billion between them so far this year, according to AVCJ Research. This compares to $2.97 billion accumulated by 53 funds in 2013 as a whole. 

Leading fundraises include GGV Capital, which reached a final close of $620 million on its fifth Sino-US fund, exceeding the original target of $500 million. Matrix Partners raised $350 million for its third China fund, with Qiming Venture Partners and DCM closing at $500 million and $330 million, respectively. last month.

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• Topics
• Greater China
• Fundraising
• Venture
• Legend Capital
• Fundraising
• Venture
• Texas County & District Retirement System (TCDRS)
• LPs
• China