Vtron Group has agreed to supply 20% of the capital for an education-focused investment vehicle formed by Tianfeng Securities that has reportedly reached a $44m first close.

TFTR Investment, a private equity affiliate of China-based securities brokerage Tianfeng Securities, reached the first close on Monday of a RMB500m ($72m) education-focused fund backed by education services provider Vtron Group.

Vtron-TFTR Education Industry Fund has reached the RMB300m ($44.3m) target for the first close, the size of which was first indicated by a stock exchange filing in October 2018.

Vtron and TFTR are each committing 20% of the fund’s total capital, TFTR said in a statement on its WeChat…