China-based private equity firm FountainVest Partners has held a first close for its second China-focused fund, FountainVest China Growth Capital Fund II, with more than US$1 billion in commitments. The fund, which was launched in March 2012, is targeting a fund size of US$1.25 billion. Several of FountainVest’s prior investors have reportedly committed to the second fund, including Canada Pension Plan Investment Board, Temasek Holdings and Ontario Teachers' Pension Plan.