BEIJING — American hedge fund manager Ray Dalio is launching a new China fund through a local subsidiary, according to a report in China’s Securities Times, citing sources.

The fund aims to raise more than 3 billion yuan ($468.8 million), according to the report on Tuesday.

Dalio’s Bridgewater Associates is the largest hedge fund in the world, with $223 billion in assets under management as of a July 9 filing with the U.S. Securities and Exchange Commission. Over half, or nearly 59%, of those assets belonged to non-U.S. clients, according to the document.

In 2018, the firm’s Shanghai-based wholly-owned subsidiary, Bridgewater (China) Investment Management, launched its first onshore China product for investors in the mainland.