Bridgewater Associates, founded by veteran investor Ray Dalio, has reportedly raised the equivalent of $1.25bn for its third investment fund in China.

The move is anticipated to place the firm amongst the biggest foreign private fund managers in China’s financial market, The Wall Street Journal reported citing a person familiar with the matter.

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Bridgewater first launched private funds in China in 2018, after securing licence from the Asset Management Association of China (AMAC).

This licence allowed the firm to raise money from institutional and high-net-worth (HNW) individuals in China and invest it in domestic yuan-denominated securities.

According to the source, Bridgewater’s latest onshore fund, which was recently marketed to institutional investors and HNW investors, has raised CNY8bn.

It is said to be substantial compared to other funds offered by foreign managers of private fund in the country.

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At present, only one among 35 registered, wholly foreign-owned private fund managers in China is said to manage over CNY5bn.

According to marketing documents seen by WSJ, Bridgewater’s new fund is in the form of a trust product managed by state-owned China Resources Trust.

Bridgewater’s China subsidiary has been named as the investment adviser for the fund.

Last November, a report by Bloomberg said that Dalio is planning to set up a family office in Singapore to manage his investments and philanthropy across the region.

In September this year, a Chinese unit of Citi secured domestic fund custody licence, becoming the first US bank to receive this licence in China.