Legend Capital invests in China unit of talent agency CAA

Chinese Yuan notes. Photo: Reuters

Legend Capital, the venture and growth capital arm of China’s Legend Holdings Ltd, has acquired an equity stake in Creative Artists Agency (CAA) China, the Beijing unit of Hollywood talent agency CAA.

CAA China recently announced its merger with Momentum Sports, a leading Chinese marketing and talent agency for sports, esports, and sports-entertainment crossover clients. Legend Capital is an investor in Momentum Sports and will become a shareholder in CAA China as part of the deal.

The deal, according to Legend Capital, marks CAA China’s entry into the sports marketing industry. China’s sports industry market reached $56 billion in 2013 and is expected to reach $470.3 billion in 2025, according to statista.com

“We are excited to become part of a company with such a stellar global reputation like CAA and look forward to working collaboratively with our new colleagues — both domestically and internationally — to develop new opportunities for clients in the market,” Momentum Sports founder Mark Gao said in a statement.

CAA China was launched in April 2017 by CAA and its partner, Chinese investment firm CMC Capital Partners. The media and entertainment platform is engaged in talent representation, media finance, brand consulting and entertainment marketing.

Founded in 2001, Beijing-based Legend Capital manages several USD funds and RMB funds with total assets under management of RMB35 billion ($5.5 billion). It focuses on innovation and growth enterprises with operations in China or related to China.

Recently, the China-focused investment firm made the first close of its second RMB healthcare fund at RMB1 billion ($156 million), according to the repost of a media report on its official WeChat account.

The target corpus of the healthcare fund is between $240 million and $310 million. It will target investments in innovative medicine, precision treatment, medical devices, diagnostic technologies and medical services, and genetic technologies. It will also consider both early- and later-stage investments.

Also Read:

Legend Capital co-leads $293m round in Chinese Diagnostics Medical Corp

China: Legend Capital leads inventory distribution startup Aikucun’s $87m Series B

Singapore Reporter/s

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Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.