Vertex Ventures China closed a U.S. dollar-denominated fund targeting investments in China, DealStreetAsia reported.

The firm did not disclose the size of the fund but said it raised close to a combined 4 billion yuan for the fund and a separate renminbi-denominated fund that is yet to close, the report said.

The fund is the largest the firm has ever raised in China and was oversubscribed by overseas investors, the report said, citing the firm's managing director Tay Choon Chong.

The fund will invest in early and growth-stage startups, with a focus on semiconductor, artificial intelligence, enterprise services, healthcare and online education.

Vertex Ventures China is the China-focused venture capital arm of Singapore-based Vertex Venture Holdings Ltd.

As of Oct. 21, US$1 was equivalent to 7.08 yuan.