China-focused private equity firm FountainVest Partners closed its oversubscribed third fund at $2.1 billion.

The limited partners of FountainVest China Capital Partners Fund III included institutional investors, pension plans, sovereign wealth funds, insurance companies and other institutions from North America, Europe, Australia, Middle East and Asia.

In 2012, FountainVest raised $1.35 billion for its previous fund FountainVest China Growth Capital Fund II LP, as reported by Reuters. According to California State Teachers’ Retirement System data, the fund generated an IRR of 31.28 percent, as of September 30, 2015.

Founded in December 2007, FountainVest has offices in Hong Kong, Shanghai and Beijing.

Photo: The shadows of spectators are seen through a Chinese national flag during the men’s kayak (K1) semifinal at the Beijing 2008 Olympic Games August 12, 2008. Reuters/Phil Noble