China-focused private equity and venture capital firm Tiantu Capital has reached a first close on its debut USD-denominated fund, Tiantu China Consumer Fund I, with US$63 million in capital commitments. The vehicle received US$38 million in commitments from family offices and funds of funds in Asia and the United States, with an additional US$25 million contributed by Tiantu Capital. Separately, the firm has agreed to pay RMB100 million (approximately US$16 million) for a 15 percent stake in China-based barbeque restaurant chain Muwu. The deal makes Tiantu Capital the company’s second-largest shareholder. Muwu, which operates 12 outlets in Shenzhen and three in Beijing, intends to use the funding to increase its exposure to other Chinese cities.