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CMC Capital Partners, part of Li Ruigang’s China Media Capital (CMC) investment group, is understood to have raised $350 million in its latest dollar denominated fund-raising exercise.

According to the Asian Venture Capital Journal, the $350 million figure is a first close target. The overall fund is seeking to raise $600 million is dollars and a further sum in local currency. Contacted by Variety, CMC replied: “It is not company policy to comment on market rumors.”

The tranche would be the second US dollar denominated cash pool raised by the group, which covers CMC Capital Partners and CMC Holdings. CMC raised its first dollar fund in 2014 and has had multiple exercises denominated in Chinese currency.

Previous group backers have included Time Warner, advertising giant WPP and Brett Ratner and James Packer’s RatPac Entertainment.

CMC, which now has differentiated long and short term investment approaches, has stakes in IMAX China, Oriental Dreamworks, BaseFX and the Shanghai Dream Center theme park. It is also partnered with Warner Bros. in Flagship Entertainment.