UPDATE: FountainVest Partners Secures $1.35B for China Private Equity Fund

FountainVest Partners, a China-focused private-equity firm, has secured $1.35 billion for a second fund that will invest in mainland companies, it said Wednesday.

The new fund is 40% larger than Shanghai-based FountainVest's previous one, its first, raised in 2008, and was partly backed by existing investors from its first fund. FountainVest, which was set up by Frank Tang, a former Temasek executive based in Hong Kong, has closed the new fund as others are seeking new capital. U.S. buyout giant TPG Capital is currently raising a $4 billion pan-Asian fund.
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