The close is the second-largest on record for a China-focused fund.

Primavera Capital Group has raised $3.4 billion for its Primavera Capital Fund III. This is the second-largest close ever by a domestic manager with a focus on China. The record belongs to Boyu Capital Fund IV at $3.6 billion.

The Beijing-based private equity giant surpassed its original target by $600 million. the new fund is also about 80% larger than its 2014 predecessor with a $1.9 billion target.

An SEC filing shows that it reached its first close at $1.5 billion after it received $490.5 million from 33 investors in a month.

Details of Primavera Capital Group and Its New Fund

Meanwhile, the fund will follow the same strategy as its predecessor. The vehicle will center on growth capital, buyouts, and special situations in China. It also plans to focus on the consumer, technology, and financial industries. Furthermore, the fund has already invested in e-commerce platform Xingsheng Youxuan and Cainiao Smart Logistics Network.

The fund has generated a lot of interest from U.S. pension plans. PEI reports that the new York State Teachers’ Retirement System committed $100 million to the fund.  Pennsylvania State Employees’ Retirement System also contributed $75 million.

Finally, China-focused private equity and venture capital shops have been busy this year in fundraising. During the first six months of 2019, these two verticals raised $17.3 billion in dollar-denominated funds. That figure represents about a $4 billion jump from the same period in 2018.

Related: MBK Partners Eyes $6 Billion Buyout Fund