Legend Capital, the venture capital firm formed and sponsored by China-based conglomerate Legend Holdings, has raised $243m for its latest fund, according to a regulatory filing in the US.
LC Fund VII has raised the capital from a total of 23 limited partners according to the filing, and is targeting a final close of $375m. Legend Capital began raising money for the fund in February 2016.
Legend Capital was formed by its parent company, which also oversees consumer electronics producer Lenovo, in 2001. It since invested in more than 300 companies and exited about 90 through public listings and acquisitions.
The firm has more than RMB30bn ($4.35bn) of assets under management and its portfolio companies currently include car servicing platform Tuhu, cloud infrastructure provider UCloud and pharmaceutical company Innovent Biologics.
Recent exits for Legend Capital include chauffeured car service provider UCar, which went public in China in July 2016 at a $5.5bn valuation.