Legend Capital, an investment arm of China's Legend Group, raised US$400 million for its fourth fund during the second quarter, which will be invested mostly in IT, Media and Telecom sectors. Hao Chen, Legend Capital Managing Director, revealed the news.

Legend Capital, with a total of four funds under management currently, has invested in about 70 projects since it was established in 2001. These projects are mostly placed in IT, IT communications, software and other sectors. The fourth fund is its biggest, exceeding the combined capital managed by the former three funds.
 
Chen also revealed that Legend Group has invested about US$160 million in the new fund, representing 40 percent of the total. Within two years, about 60 to 70% capital of the new fund will be invested in China's IT, Media and Telecom sectors, while 20 to 30% will be invested in consumer-related sectors.

In addition, Legend Capital is in talks with domestic partners to set up a RMB-denominated fund, which would be subject to regulatory approvals, Chen said. Nevertheless, he declined further details.