LKF Capital, the private equity subsidiary of China-based conglomerate Lan Kwai Fong Group, is targeting a close of $300m to $500m for a new fund aimed at lifestyle startups, China Money Network revealed today.
The fund was confirmed to the news site by the conglomerate’s founder, Allan Zeman, who also disclosed that LKF Capital launched its fundraising efforts several months ago.
Founded in 2007, LKF Capital also acts as the family office for Zeman. The venture capital fund marks the first time it has looked to raise money from third parties.
The fund will be aimed at China-based startups operating in the lifestyle and consumer sectors that stand to benefit from Lan Kwai Fong’s knowledge of those markets, though it will operate independently from the parent company.
LKF Capital is headed by executive director Laurence Ip, who joined in August 2015 from his previous position of senior vice-president at brokerage and investment firm CLSA’s private equity unit.