Living up to its reputation as being a top venture capital firm, Sequoia Capital beats its target of $1 billion for its latest fund, according to a recent regulatory filing.  Dubbed as Sequoia Capital 2010, the firm has secured $1.35 billion worth of commitments, though it wasn’t revealed if the accumulation of funds stops here.

It’s also a bit surprising to see Sequoia stirring the investment direction towards China as well, though this is becoming an increasingly influential country for web marketing, networking and e-commerce.  While it is unclear if they will continue to invest heavily on Israel and India, which are large areas of their previous international focus, Sequoia has had an ear to the ground, seeking trends with long-term returns. Below is the description of one of Sequoia’s longtime investors, the University of Michigan, regarding the fund strategy released July last year:

“Sequoia Capital 2010, L.P., a fund sponsored by Sequoia Capital, a venture capital firm headquartered in Menlo Park, CA, will invest in early and growth stage companies located in the U.S. and in China. Sequoia Capital 2010 is a continuation of Sequoia’s long- established strategy to invest in early and growth stage technology companies in the U.S. and its more recent strategy to expand its investment portfolio to include early and growth stage technology and consumer companies in China. Sequoia 2010, L.P. is Sequoia’s first vintage fund and affords the opportunity for global investing by local teams of professionals who benefit from access to Sequoia’s firm resources and proven investment model for founding highly successful companies.

In the U.S., venture investments will be primarily in new technology companies formed in the western part of the country, particularly California’s Silicon Valley. The China investments will focus on companies positioned to benefit from China’s growing economy and increasing number of consumers and are expected to be in the financial services, consumer services, technology, and healthcare, and internet sectors. This is the University’s ninth investment with Sequoia Capital.”

Some of Sequoia’s recent investments include Square Inc., to the tune of $27.5 million. The amount will be used for the development of its mobile payment services firm. Several other major investments shaking early this year is Citras, with a $22.5 million round. Its existing investor, Amazon, added to this funding round, almost immediately after its previous participation in Citras’ $10 million take last September.