Two local private equity funds in China are due to announce final closes on more than $1bn (€809m), in developments that will be watched by international firms keen to make ground in the region.

CDH Investments is to close its fourth fund on its target of $1.4bn, according to two sources with knowledge of the situation, making it the fifth-largest China-focused fundraising in the past four years. It will focus on growth equity investments in China.