Legend Capital, the China-headquartered venture capital firm formed by conglomerate Legend Holdings, has reached a $177m first close of its third US dollar-denominated healthcare fund, AVCJ reported yesterday.
Founded in 2001, Legend Capital targets a range of areas including IT, financial services, food and agriculture, advanced manufacturing, professional services and innovative consumer technology and services, in addition to healthcare.
The firm’s latest fund has a $300m target for its final close, two sources close to the situation told AVCJ. It had established a healthcare practice in 2007 and closed its second healthcare fund at $156m in 2018.
Legend Capital had closed its LC Healthcare Continued Fund in May this year having secured $270m in secondary financing through the transfer of stakes in portfolio companies of earlier funds. The firm said at the time it had made a total of some $1.7bn of investments in the sector.
Recent healthcare investments by Legend Capital include its participation in funding rounds for drug development services provider Wuxi Biortus Biosciences, circulatory assistance technology developer ForQaly and oncology drug developer Lynk Pharmaceuticals.
