China's Legend Capital raises $400 mln for new fund (at Reuters)

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: ), 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 China is still quite great," said Chen. Chen said... [read full story]