Boyu Capital has secured $1.5 billion for its second buyout fund, people familiar with the deal reported. Boyu is a private equity firm focused on investments in China, wrote Reuters.

One of the unnamed sources said Boyu has received more than its original $1.5 billion target from investors. However, the company has decided to maintain the fund at $1.5 billion, which is 50% more than its first fund. The source also said Boyu is expected to close the new fund within a few weeks, the report detailed.

In 2011, Boyu raised $1 billion for its first fund, with Singaporean state fund Temasek Holdings as one of its Asian backers. Li Ka-shing, the richest person in Asia, also invested in the said fund, the report stated.

The latest fund would be the biggest raised for the country this year. It comes amid the difficulty encountered by private equity firms in raising money from investors who are not happy with the returns from emerging Asian markets. According to Asian Venture Capital Journal, private equity raising in China slumped by 46% in 2013 to $14.7 billion. This is the lowest record of funds raised in the country since 2009, Reuters reported.