China-focused venture capital firm Sinovation Ventures has reached a final close for its fourth U.S. dollar-denominated fund with US$500 million in capital commitments. Reportedly launched in February 2018, the fund has received commitments of US$50 million from Spain-based banking group BBVA and US$15 million from International Finance Corporation, as well as additional commitments from pension funds, funds of funds, a sovereign wealth fund, family offices and a global manufacturing company. The fund will make early- and growth-stage investments in China- and U.S.-based technology companies, with a special focus on artificial intelligence.