China Renaissance, a China-based asset manager, has reached a final close for its Huaxing New Economy Fund III with RMB6.5 billion (approximately USD943 million) in commitments. Investors in the fund include the National Council for Social Security Fund, as well as banks, insurance companies, funds of funds, and endowments. The fund will target China-based technology, business services, consumer internet services, new energy, and advanced manufacturing companies that have the potential to reach a valuation of more than USD1 billion.