Liu Erhai, previously the managing director of corporate venturing unit Legend Capital, has left to form a new firm, Yuyue Capital, with $200m of capital, China Money Network reported today.
Yuyue will target series A and B-stage investments in the TMT (technology, media and telecommunications) area in which Erhai specialised at Legend, as well as consumer technology companies, according to ChinaVenture.
The firm has not disclosed details on the limited partners that put up the $200m for its first fund.
Legend Capital acts as the investment arm of Legend Holdings, the China-based conglomerate that is also the main shareholder in computer and smartphone maker Lenovo.
Liu joined Legend in 2003 and led its investments in businesses including e-commerce company Renren, game publisher iDreamSky and automotive media and marketing company BitAuto.
– Photo of Liu Erhai courtesy of BitAuto Holdings.