HONG KONG (Reuters) – China Renaissance Holdings Ltd (1911.HK) said it has raised over 6.5 billion yuan ($945 million) for its latest yuan-denominated fund, as the investment bank prepares to invest further in sunrise industries in the world’s second-largest economy.

The firm in a statement on Monday said its private equity arm Huaxing Growth Capital had raised its third yuan fund totaling over 6.5 billion yuan, with over-subscription of more than 1 billion yuan.

The fund has secured “great interest” from investors, known as limited partners (LPs), such as China’s National Social Security Fund, banks, insurers, funds-of-funds and university alumni funds, it said.

China Renaissance is a major player in the country’s buoyant technology sector and has advised on top deals including the formation of ride-hailing giant Didi Chuxing. The investment bank in recent years has looked to push beyond its core merger-and-acquisition advisory and securities underwriting business and sharpen focus on areas including investment management.

Its Huaxing Growth Capital unit joins several China-focused private equity and venture capital managers which have managed to raise fresh capital to cut deals in the country in the face of tighter liquidity amid Sino-U.S. trade tension and the government’s war on debt.

Launched in 2013, the Beijing-based arm which had about $4.1 billion worth of assets under management as at the end of 2018, will focus the new fund on areas including technology, consumption, new energy and advanced manufacturing, it said in the same statement.

The unit currently manages three yuan-denominated funds and another three U.S. dollar funds. It has invested in over 90 firms across new economy sectors, of which 19 have gone public, including online food delivery-to-ticketing firm Meituan Dianping (3690.HK) and medical tech platform WuXi AppTec Co Ltd (603259.SS).

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