The firm received more investor interest than the $1.5bn target, but decided against increasing its size, said Reuters, citing people with knowledge of the matter.
The fund is expected to hold a final close within a few weeks, said the sources.
Boyu’s portfolio companies include e-commerce company Alibaba and debt management group China Cinda Asset Management.
LPs that backed Boyu’s fund included Singapore’s sovereign wealth fund Temasek and Hong Kong billionaire Li Ka-shing.
The firm’s partners include ex-TPG managing director Mary Ma, former Providence Equity Partners managing director Sean Tong and the grandson of ex-Chinese president Jiang Zemin.
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