Legend Capital, the corporate venturing arm of China-based conglomerate Legend Holdings, has raised $500m for a fund that was launched in November, the Wall Street Journal has reported.
The fund, LC Fund VI, will begin allocating capital this month, a person with knowledge of the situation, told the WSJ. It will aim to invest in companies in telecommunications, media and technology, and healthcare, though a smaller amount is likely to go to the consumer goods, cleantech and advanced manufacturing sectors.
Legend Capital invests from seed to late stage, and commits up to $40m for each company. The source told the WSJ that Legend Capital had raised about RMB 15bn ($2.4bn) across five dollar-denominated funds and two renmindbi-denominated funds since it was formed in 2001.
Investments made by Legend so far in 2014 include wearable sports technology producer Zepp Labs, implantable neuromodulation technology developer Axonics Modulation Technologies and medical device maker JenaValve Technology.