Chinese alternative asset fund manager CDH Investments has held a first close on its fifth China-focused private equity fund with US$1 billion in commitments. Institutional investors in CDH China Fund V, launched in September 2012, include the Government of Singapore Investment Corporation (GIC), Asia Alternatives and LGT Capital Partners. The fund is reportedly targeting US$2 billion in total commitments. CDH’s previous China-focused fund closed with US$1.46 billion in total commitments.