China’s Legend Capital garners $500m for early-stage US dollar fund


China-focused venture capital firm Legend Capital has raised $500m for its sixth flagship early-stage US dollar fund.

The bulk of commitments came from existing LPs, AVCJ reported, with $30m from Texas County & District Retirement System (TCDRS), having provided $5m to the firm’s predecessor vehicle.

LC Fund VI was launched earlier this year, while the firm’s last vehicle gathered $515m in 2011.

That fund focuses on TMT, healthcare, cleantech, advanced manufacturing, consumer goods and modern services investments.

Legend Capital was formed in 2001, and set up its first fund with a $35m commitment from Legend Holdings.

Its core business is early-stage venture capital and expansion-stage growth capital investment, and currently manages five USD funds and two renminbi funds with assets under management of more than RMB13bn.

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