Legend Capital has raised $400 million for a private equity fund focused on technology, media and telecom in
HANGZHOU, China, July 9 (Reuters) – Legend Capital, an investment arm of China's Legend Group, said on Wednesday it has raised $400 million for a new private equity fund which will be invested mostly in the technology, media and telecoms sectors.
Legend Group, which owns China's top PC maker Lenovo Group Ltd (0992.HK: Quote, Profile, Research, Stock Buzz), has invested about $160 million in the new fund, or 40 percent of the total, Legend Capital Managing Director Chen Hao said.
The fund, the fourth of a series of private equity funds managed by Legend Capital, is also its biggest, with the three others worth about $400 million combined, Chen told reporters on the sidelines of an industry forum.
“We completed the fund-raising for the new fund with no difficulties as our limited partners' interest in investing in
Chen said Legend Capital's three previous funds had invested in about 70 projects and he expected to complete investments by the new fund within two years.
Its portfolio included Chinese online book store Joyo.com, which was acquired by Amazon.com Inc (AMZN.O: Quote, Profile, Research, Stock Buzz), as well as Nasdaq-listed Solarfun Power Holdings Co (SOLF.O: Quote, Profile, Research, Stock Buzz) and Spreadtrum Communications Inc (SPRD.O: Quote, Profile, Research, Stock Buzz), according to its website (www.legendcapital.com.cn).
About 60 to 70 percent of the new fund will be invested in