L Catterton, the private equity firm backed by luxury goods empire Louis Vuitton Moet Hennessy, said on Monday it aimed to raise 2 billion yuan ($275.44 million) for its first yuan-denominated fund, as it eyes early-stage investments in China.

L Catterton, which has invested in Chinese soft drink brand Genki Forest and premium pet food provider Shanghai Enova Pet Products, said the new fund has received capital from unidentified local Chinese government body and international and overseas companies in the consumer sector.

The yuan-denominated fund, for which the first-close has completed, will focus on investing in early-stage firms in the consumer sector for its first phase, according to a Chinese statement published by L Catterton in the social media platform WeChat.

Read more: Investing.com