CDB Capital, the fund management arm of China Development Bank, has reportedly raised RMB9 billion (approximately US$1.4 billion) for a private equity fund of funds. The CDB Guochuang Kaiyuan Private Equity Fund of Funds is targeting RMB10 billion in total commitments. The fund is part of the Guochuang Fund of Funds, created in December 2010 by CDB Capital and Chinese investment holding group Suzhou Ventures Group (SVG), which also has a venture capital-focused fund of funds.