L Capital Asia, the private equity fund sponsored by global luxury goods distributor LVMH Group, Groupe Arnault and YTL, has raised US$1 billion for its second Asia-dedicated fund. The regional fund will focus particularly on China, to which it plans to devote 45 to 50 percent of its corpus. Target sectors for the fund will include fashion, leather goods, beauty and wellness, wine and spirits, watches and jewelry, food and beverage, and boutique hospitality. While 10 percent of the fund’s commitments came from LVMH, the remainder was raised from institutional investors in Asia, Europe, the Middle East and North America.