Legend Star, a corporate venturing vehicle for China-headquartered conglomerate Legend Holdings, closed its fourth renminbi-denominated fund at RMB800m ($118m) at the end of September, it announced yesterday.
Legend Holdings provided 25% of the capital for the fund, and Legend Star said 90% of the limited partners in its third fund returned for the latest vehicle.
The unit’s previous fund closed at RMB800m in February 2018 and DealStreetAsia identified online lender CreditEase, Chinese Academy of Sciences Holdings, VMS Investment and Hony Horizon Fund as LPs.
Formed in 2008, Legend Star invests in early-stage developers of innovative technology in addition to those in sectors such as healthcare and the technology, media and telecommunications (TMT) space.
The unit’s fourth fund will specifically seek out deals for 5G and artificial intelligence-related technologies, innovative medical technology such as biomedicines and cutting-edge technology in the semiconductor and aerospace area.
Legend Star said it had invested in 16 companies through the fourth fund as of the start of this month. Its recent deals include rounds for engineering analytics software developer Merico and, according to DealStreetAsia, a $14m series A round for China-based biotech company called QL Biopharm.
