China-focused private equity firm FountainVest has reached a final close for FountainVest China Capital Partners Fund III with US$2.1 billion in capital commitments. Investors in the fund, which was oversubscribed, include pension plans, sovereign wealth funds, insurance companies and other institutions from North America, Europe, Australia, the Middle East and Asia. The fund will continue to pursue the investment strategies of FountainVest’s previous funds, targeting the Chinese middle class and focusing on companies that benefit from China’s ongoing transformation toward a consumption-led economy.