Chinese private equity firm Hony Capital has led a RMB500 million ($77 million) Series B round in Shanghai-based boutique entertainment studio Linmon Pictures.
Internet giant Tencent and Mango V Foundation also participated in the round. Mango V is a philanthropic organization co-founded by Chinese broadcaster Hunan TV and China Social Welfare Education Foundation, AVCJ reported.
Linmon intends to use the new capital for expansion of its TV productions. It will also add more entertainment products to its lineup, including movies and live entertainment. Linmon is known for producing popular TV dramas, such as ‘Chronicle of Life’ and ‘To Be a Better Man’.
Tencent previously invested RMB100 million in Linmon’s Series A round last year, one of several entertainment-related moves by the company in 2015, including the acquisition of Hong Kong-listed China Jiuhao Health Industry for HK$547 million ($70.6 million), alongside Huayi Brothers and Yunfeng Capital.
Hony Capital and TPG Growth, a middle market and growth equity investment arm of TPG Capital, previously partnered with Hollywood producers Robert Simonds and Gigi Pritzker to set up a film studio STX Entertainment.
Hony is owned by Legend Holdings, and has about $7 billion under management.