Legend Capital hits hard-cap for Fund VII – Exclusive

The China-focused investment firm is preparing to hold the final close on its seventh vehicle by the end of March, PEI has learned.

Legend Capital, the investment subsidiary of Legend Holdings, which owns Chinese technology company Lenovo Group, has collected more than $400 million for its seventh flagship fund after about 14 months of fundraising, Private Equity International has learned.

The Beijing-headquartered venture capital and private equity firm expects to hold the final close for LC Fund VII by the end of March, according to a source familiar with the fundraising. The fund launched in February 2016 with a $375 million target and held a first close on $243 million a year later, according to PEI data.

Fund VII will target high-growth venture opportunities in technology, media, telecommunications and consumer goods sectors in China, PEI data shows.

Investors in the firm’s previous fund, the $500 million, 2014-vintage LC Fund VI, include Texas County and District Retirement System and Dallas-based endowment Leland Fikes Foundation, according to PEI data.

PEI understands that Atlantic Pacific Capital is advising on the fundraising for Fund VII.

Legend and Atlantic Pacific declined to comment.

Legend was founded in 2001 and has 26 billion yuan ($3.8 billion; €3.5 billion) in assets under management.