Legend Capital, the venture capital firm sponsored by China-based conglomerate Legend Holdings, has raised $448m for its seventh China-focused fund, DealStreetAsia reported yesterday.
Established in 2001, Legend Capital targets China-based companies and has grown to a portfolio of more than 300 businesses, out of which more than 50 have floated on the stock exchange and approximately 40 have been acquired.
The firm has more than RMB30bn ($4.4bn) under management, across a range of US dollar and Chinese yuan denominated funds. The seventh fund will reportedly focus on companies in the technology, media, telecomminications and consumer goods sectors.
News of the fund’s close follows reports in April 2017 that Legend Capital had hit the fund’s hard cap of $400m. The fund was launched in February 2016 with an initial target size of $375m, securing $243m within 12 months.
Legend Capital has taken longer to raise the latest vehicle than the predecessor fund, which took only six months in 2014 to achieve a $500m close.