Legend Capital, the investment affiliate of China-based conglomerate Legend Holdings, has raised RMB8bn ($1.1bn) for its seventh fund, China Money Network reported today.
The news comes just one month after the LC Fund VII achieved a $448m close, more than the reported $400m hard cap. The vehicle had been launched in February 2016 with an initial target of $375, securing $243m within a year.
Founded in 2001, Legend Capital focuses on China-based businesses and has grown its portfolio to more than 300 companies, including more than 50 exits through a flotation and some 40 through acquisitions.
The LC Fund VII will reportedly invest in the technology, media, telecoms and consumer goods industries. It follows a range of other funds recently closed by Legend Capital – two healthcare funds (one in US dollars and one in Chinese yuan) and a renminbi-denominated sports and culture fund that between them raised $580m.
Li Jiaqing, chairman of Legend Capital, said: “We expect to make investments and hold for eight to ten years, and these funds will offer us enough capital to invest in different industries in the next ten years.
“We have raised over RMB12bn in the past few months, and realised exits worth over RMB10bn in the past three years.”