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UPDATE: Shunwei Capital Partners III targets $1bn

The internet fund has held its first closing at $900 million.

Beijing-based Shunwei Capital Partners has launched its third fund, Shunwei China Internet Fund III, with a $1 billion target, the firm's founding partner and chief executive Tuck Lye Koh told Private Equity International. 

The fund had a first closing on slightly over $900 million from mainly existing investors, he said.

This new target is double the amount of $500 million stated in the original filing with the US Securities and Exchange Commission and reported on 7 July by PEI.

The fund is expected to invest in early stage internet and technology businesses based in China, Koh said.

In February, Shunwei announced the final close of its first RMB vehicle, which closed on CNY 1 billion ($161.08 million; €147.03 million), that will invest in Chinese technology, according to PEI's Research & Analytics division.

In 2014 the firm held a final close for two of its funds at their target size: Shunwei China Internet Fund II closed on $315 million and Shunwei China Internet Opportunity Fund closed on $210 million.

Launched in 2011 by Lei Jun, founder of Xiaomi mobile phone maker, the firm had a $225 million debut fund. It manages $750 million in assets, according to PEI's Research & Analytics.

China has witnessed a rise in venture capital investments, as previously reported by Private Equity International. Chinese VC firms invested 144 percent more in new opportunities in the first half of 2014 compared with the same period in 2013.