Legend Capital closes seventh China-focused fund at $448m

Chinese venture capital firm Legend Capital has raised $448 million for its seventh China-focused venture capital fund, a vehicle that hit the road to raise funds more than a year ago.

Legend Capital, the investment arm of Chinese technology company and Lenovo’s owner Legend Holdings, had raised $500 million in May 2014 for its previous vehicle which took only six months to raise the amount higher than the current fund.

The current vehicle was launched in February last year with a target of $375 million. By February this year, it had raised only $243 million for the seventh vehicle, according to an SEC filing at that time. This indicates that the investor’s interest may have beefed up in the past two-three months since February to raise $205 million.

According to reports, the vehicle is set to target high growth opportunities in China-based technology, media, telecommunications and consumer goods sectors.

Founded in 2001, Legend Capital focuses on innovation and growth enterprises with operations in China or related to China. The core business of the firm early-stage venture capital and expansion-stage growth capital investment.

It claims to manage several USD funds and RMB funds with total assets under management worth RMB 30 billion.By 2016, Legend Capital had invested in over 300 companies, of which over 50 are listed on domestic or overseas capital market while around 40 companies achieved exit through M&As.

The firm, was this week reported to have led a $17 million series B funding round in Shanghai-based aesthetic medical and beauty services company PhiSkin. Earlier this year, in February, it led a $14 million round in Chinese self-driving tech firm Zongmu Technology.

Previously, it co-led a $100-million funding round in Chinese boutique hotel operator AtourHotel and prior to that it invested $20 million along with Alibaba’s investment arm Riverhill Fund in Chinese online seafood marketplace Gfresh.

Also Read:

China: Logistics startup Fuyoukache raises $36m funding led by Legend Capital

China: AtourHotel secures $100m; Oriental Fortune funds DadaABC

Chinese VC Legend Capital receives $243m for 7th fund

Legend Capital co-leads $14m Series B in Chinese auto tech developer

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.

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.