China-focused private equity firm Centurium Capital has reached a first close for its debut fund with US$925 million in capital commitments. Investors in the fund include Asia-, North America- and Europe-based sovereign wealth funds, funds of funds and family offices. Centurium will allocate up to 45 percent of the fund’s corpus to control deals and the remaining capital to minority growth investments. The fund, which launched in February 2018 with a target of US$1 billion and hard cap of US$1.5 billion, is expecting to reach a US$1.5 billion final close by the end of 2018.