FountainVest Partners closes third China-focused fund at $2.1 billion

FountainVest Partners, a Hong Kong-based private equity firm investing in consumer-focused companies on the mainland, announced the closure of its third fund, FountainVest China Capital Partners Fund III, at $2.1 billion.

FountainVest said in a news release that the fund was oversubscribed, with commitments from large institutional investors around the globe. FountainVest closed its previous fund at $1.35 billion in 2012.

Among U.S. pension plans, the $14.4 billion New Mexico Public Employees Retirement Association, Santa Fe, announced a commitment of $85 million to the fund on Sept. 3, while the $20.8 billion San Francisco City & County Employees' Retirement System committed $100 million on Aug. 9 and the $104 billion Washington State Investment Board committed $200 million on June 29.

Matilda Wong, a Hong Kong-based spokeswoman for FountainVest, couldn't immediately be reached for further comment.