Fundraising, Private Equity

Legend Capital Raises $1.1 Billion For Two New Funds

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Legend Capital, the venture and growth capital arm of China’s Legend Holdings Ltd., has raised a total of RMB8 billion (US$1.1 billion) for its seventh U.S. dollar-denominated venture capital fund and fourth RMB fund, according to a company announcement.

The news came after Legend Capital announced earlier this year that it had raised US$243 million for its seventh U.S. dollar fund, LC Fund VII, L.P., with an aim to raise US$374 million in total.

Over the past a few months, the company has completed fundraising for another three new vehicles, each being the first of its kind for the investment company: a U.S. dollar-denominated healthcare fund, a RMB healthcare fund, and a RMB sports and culture fund, raising a total of RMB4 billion (US$580 million).

"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," said Li Jiaqing, chairman of Legend Capital. "We have raised over RMB12 billion (US$1.7 billion) in the past few months, and realized exits worth over RMB10 billion (US$1.4 billion) in the past three years."

Founded in 2001, Legend Capital currently manages RMB30 billion (US$4.4 billion) in assets, and focuses on investments in the telecom, media and technology, consumer, smart manufacturing, healthcare, medical care, sports and culture sectors. The company 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, according to the firm.

Last month, it led a RMB120 million (US$17 million) series B round in PhiSkin, a Shanghai-based aesthetic medical and beauty services provider. One month prior, it joined a RMB160 million (US$23 million) series B+ round in Bangsun Technology, a Zhejiang province-based real-time financial risk management start-up.

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, backed by Legend and others, is also planning an initial public offering in the U.S. as early as the second half of this year.


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