Legend Capital, the venture capital firm spun off by China-based conglomerate Legend Holdings, has closed its latest fund, LC Fund VIII, at $500m.
The limited partners for the vehicle included undisclosed existing LPs as well as corporate investment funds, sovereign wealth funds, family offices and private pension funds. Atlantic-Pacific Capital was placement agent for the fundraising.
Founded in 2001, Legend Capital now oversees about $8bn of assets under management from offices in the Chinese cities of Beijing, Shanghai, Shenzhen and Hong Kong in addition to Seoul, South Korea.
The firm focuses on growth-stage deals in areas such as consumer internet, enterprise software, advanced manufacturing healthcare and deep technology.
Recent notable investments by Legend Capital include it co-leading a $282m series B round for semiconductor technology developer Eswin Computing Technology in June this year and its participation in a $200m series C for online grocery delivery service Tongcheng Life the same month.
Hao Chen, Legend Capital’s president, said; “We are honoured to have the ongoing support from existing investors and new backing from a strong group of global limited partners.
“We appreciate Atlantic-Pacific Capital’s involvement, which began in 2015 with the launch of Fund VII and has comprised both capital-raising advisory support and introductions to a diversified range of investor relationships.”
