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Fundraising, Venture Capital

Legend Capital Secures $243M For Seventh Venture Fund

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Legend Capital, the venture and growth capital arm of China’s Legend Holdings Corporation, has secured US$243 million for its seventh venture capital fund, according to a securities filing.

LC Fund VII, L.P. is aiming to raise US$374 million in total, and is still in the process of raising the remaining US$132 million.

The vehicle last filed with the U.S. Securities and Exchange Commission in February 2016 as it began the fundraising process.

Founded in 2001, Legend currently manages RMB30 billion (US$4.37 billion) across numerous U.S. dollar and RMB vehicles. It focuses on innovation and growth enterprises with operations in China or related to the Chinese market.

By 2016, Legend has invested in over 300 companies, of which 50 have been successfully listed on domestic or overseas stock exchanges with around 40 companies exited through strategic sales.

Some of its recent investments include co-leading a US$100 million funding round in AtourHotel, a Chinese boutique hotel and service apartment operator, and backing Chinese cross-border seafood B2B e-commerce start-up Gfresh at the end of 2016.

Some recent exits including Shandong Linglong Tyre Co., Ltd., which was listed on the Shanghai Stock Exchange in July 2016. Shanghai-based P2P (peer-to-peer) lending firm Ppdai.com, backed by Legend and others, is also planning an initial public offering in the U.S. as early as the second half 2017.



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