SK China, a local subsidiary of South Korea-based telecoms conglomerate SK Group, has put ₩300m ($266m) into a fund created by Legend Capital, the VC firm formed by conglomerate Legend Holdings, China Money Network reported today.
The size of the fund has not been confirmed, though China Money Network indicated SK China had contributed half of the targeted capital.
The fund will focus on early-stage companies in the IT and healthcare industries based in China and across Asia. SK China expects its contribution will enable it to expand its business in the country.
SK China runs a group of real estate, energy and rental car businesses in China. Its parent SK Group previously became a limited partner in a $600m fund for Legend Capital, according to China Money Network, but it is unclear if this was the same vehicle.
