China-focused venture capital firm Shunwei Capital Partners has closed its third USD-denominated venture capital fund, Shunwei China Internet Fund III, with US$1 billion in capital commitments. The fund originally had a target of US$500 million and was oversubscribed. The vehicle will invest in start-ups focusing on mobile internet, intelligent hardware and rural internet. Shunwei closed its first RMB-denominated fund in February 2015.