Goldman Sachs and Singapore's sovereign wealth fund, Temasek Holdings, are among the investors in a new $2 billion private equity fund that will focus on China.

The new fund, called the Hopu Fund, will be led by Richard Ong of Goldman Sachs and Fang Fenglei, a Goldman Sachs China partner.

Goldman Sachs plans to invest about $300 million into the new fund, according to Jet Investments. Lirk Lindstrom says that Hopu "hopes to compete with the likes of the Carlyle Group..."




The WSJ says that Ong will leave Goldman Sachs in March to work for Hopu.

Temasek is investing $1 billion into the new fund.