China-focused private investment firm CITIC Private Equity Funds Management has reached a final close for its third U.S. dollar-denominated China-focused fund, reportedly exceeding its hard cap of US$2.2 billion in capital commitments. Launched in the fourth quarter of 2017, CPE China Fund III reached a first close in March 2018 with US$1.8 billion in capital commitments. Investors in the fund include Swedish pension fund AP Fonden 2, global fund of funds Pantheon, Lockheed Martin and other undisclosed funds of funds, financial institutions, university endowments, pension funds and insurance companies from Asia, North America, Europe and the Middle East. While 70 percent of Fund III will target buyout opportunities in traditional industries, the remaining 30 percent will be deployed through minority growth investments in technology, media, telecom, biopharmaceutical and health care companies.