Orchid Asia has raised $650 million for its fifth China private equity fund, Reuters reports. The Orchid Asia V received interest from about 60 investors from regions, including the U.S., Europe and Australia in its final closing. The fund, which was over-subscribed, brings the firm’s total assets under management to $1.4 billion. Orchid Asia focuses on investing in Chinese companies in industries, such as consumer services and products, as well as specialty manufacturing and services.

Click here for the story from Reuters.