Trustar Capital, formerly known as CITIC Capital Partners, is said to be eyeing $3.5bn for its fifth China buyout fund.

If successful, it will add another 25% to the already massive $2.8bn predecessor fund IV.

The firm is also looking to raise $250m for a debut growth vehicle, according to AVCJ.

Trustar, the affiliate of CITIC Capital Holdings, has over $7.7bn in assets under management and has invested in 80 deals globally.

Read more: AltAssets