Asian private equity investor Shan Weijian has raised US$1.7 billion for a new China-focused fund dubbed “PAG Asia I,” the Financial Times reported. Shan, one of the region’s most lucrative dealmakers, previously worked at TPG Capital, one of the world’s largest PE firms. He now heads the Hong Kong-based Pacific Alliance, under which PAG Asia I operates. The firm hopes to raise a total of US$2.5 billion for the fund. Yet despite Shan’s strong reputation in China’s PE environment, the market has become more competitive in recent months, following the introduction of hundreds of renminbi-denominated funds by local players and large securities firms. Markets have also been hit by tightened monetary and credit conditions, as well as investor fatigue following a string of mainland Chinese listings in international markets.