Carlyle Group has raised around $495 million for a yuan fund in its second closing, The Wall Street Journal reports. The fund, which is called the Beijing Carlyle Investment Center, has also become the first foreign fund to be registered with China’s National Development and Reform Commission.

The vehicle was set up in partnership with the Beijing Municipal Government and aims to raise $769.5 million. Carlyle has also made its first investment from the yuan fund in the consumer retail sector.

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