The fund has a $500m hard cap according to Dow Jones, which cited a person familiar with the situation.
It said the vehicle will targets deals across Greater China with a Taiwanese angle, such as those owned by Taiwanese natives or which have a Taiwan-focused business model.
Zoyi CEO Andrew Kuo was previously vice chairman of Blackstone Greater China, a position he held from joining the firm in 2007.
He became a senior managing director at the firm in 2008, primarily focused on private equity transactions.
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