Legend Star, the early-stage investment arm of China-based Legend Holdings, has closed its third venture capital fund with CNY800 million (approximately US$127 million) in capital commitments. This is the first time Legend Star, which previously operated as a captive unit, has raised capital from third-party investors. Investors in the fund include Legend Holdings, which remains the largest limited partner in the fund, the Chinese Academy of Sciences Holdings (CAS Holdings), Hong Kong-based family office VMS Investment Group, fund of funds CreditEase and China-focused private equity fund manager Hony Capital. The fund will invest in early-stage companies in the TMT, health care and artificial intelligence sectors.