China-based conglomerate Legend Holdings’ corporate venturing unit, Legend Capital, formed two new funds in the first half of 2016 totalling RMB3.3bn ($495m) in size, according to its half-year report.
The unit is raising a $270m dollar-denominated fund – its seventh USD fund – and a $225m renminbi-denominated healthcare fund which represents its fourth RMB fund. Legend Capital intends to close both funds before the end of this year.
The $270m fund, in which Legend Holdings owns a 37.3% stake, will target the technology, media and telecommunications (TMT), consumer technology, online services, healthcare, sports and culture industries.
The unit holds a 21.5% share of the healthcare fund, Beijing Legend Capital Yikang Equity Investment. The funds will both focus on China-based companies and those wishing to expand into Legend’s home country.
Legend Capital achieved 10 full or partial exits in the first half of 2016 and invested in 27 companies, or projects, according to the report, which also revealed Hony Capital, Legend Holdings’ private equity subsidiary, raised a $2.2bn fund during that period.
The fund is the eighth to be raised by Hony, which made four private equity investments and three investments through its mezzanine funds in the first half of 2016.
In addition to the funds overseen by Legend Capital and Hony Capital, computer and phone producer Lenovo, another part of Legend Holdings, launched a $500m fund in May called Lenovo Capital which will target cloud computing, big data, artificial intelligence and robotics companies.