Legend Capital, the China-based venture capital firm formed by diversified conglomerate Legend Holdings, launched a RMB10bn ($1.54bn) sixth renminbi-denominated fund yesterday, DealStreetAsia reported.
Formed in 2001 with a $35m commitment from Legend Holdings, Legend Capital operates as an independent venture capital firm but retains the backing of its former parent.
The firm has not revealed how much capital it has secured for Legend Capital Comprehensive Growth Fund VI, but the fund has a RMB10bn target for its close. The state-owned Xiangcheng Financial Holdings is among its limited partners so far.
The vehicle will invest in developers of technology in areas such as semiconductors and integrated circuits, consumer electronics and new energy vehicles, according to DealStreetAsia.
Legend Capital closed its most recent fund, a dollar-denominated vehicle dubbed LC Fund VIII, at $500m in October 2020. It had previously raised RMB10bn for its last renminbi-denominated fund in mid-2019, DealStreetAsia stated.
The firm’s most significant exits include artificial intelligence technology provider iFlytek, which currently has a market capitalisation of about $110bn, and mobile commerce platform developer Wish which floated in a $1.1bn initial public offering in December 2020.
