China-focused private equity firm Hony Capital has reached a final close for Hony Capital Fund VIII with US$2.7 billion in capital commitments. Investors in the fund included pensions California State Teachers’ Retirement System, Canadian Pension Plan Investment Board and BBC Pension Trust; sovereign wealth funds Temasek Holdings and Abu Dhabi Investment Authority; investment bank Goldman Sachs; global private markets investment manager Partners Group; and China-based conglomerate Legend Holdings. Fund VIII is a dual currency fund with a U.S. dollar-denominated portion and a Chinese yuan-denominated portion. The fund will invest in Chinese businesses in the construction, pharmaceuticals, consumer goods, retail, energy and financial service sectors, with a particular focus on Chinese state-owned enterprises and private firms in financial distress.