Asian private equity maven Shan Weijian has raised more than $1.7 billion for a new China-focused fund, the Financial Times reported on Monday.

The money was raised for PAG Asia I, a fund managed by Pacific Alliance -- a Hong Kong-based investment firm run by Shan, the newspaper said on its website.

Pacific Alliance hopes to raise a total of $2.5 billion in coming months for a fund, the financial daily said.

Shan, who previously worked for private equity player TPG Capital and left to start his own fund, has been involved in some of the biggest deals in Asia, including TPG's highly profitable investment in Chinese lender, Shenzhen Development Bank .