Investment bank China Renaissance said it has raised more than 6.5 billion yuan (945 million U.S. dollars) in its latest yuan-denominated fund, giving the firm adequate firepower to invest in the world's second-largest economy.

The firm, led by one of the country's most famed rainmakers Bao Fan, said in a statement on Monday that its private equity arm Huaxing Growth Capital had raised its third yuan fund totaling over 6.5 billion yuan, with oversubscription of more than one billion yuan.

The fund has secured "great interest" from investors, known as limited partners (LPs), such as China's National Social Security Fund, banks, insurers, funds-of-funds and university alumni funds, it said.