Sequoia Capital, considered by many to be the world’s best venture capital firm, has busted through the $1 billion target it set for its latest fund, according to a new regulatory filing.

The vehicle, named Sequoia Capital 2010, has secured more than $1.35 billion in capital commitments (beginning last March). No word yet on if this represents a final close, or if the fund size could climb even higher.

The University of Michigan Regents, a longtime investor with Sequoia, described the fund strategy in a memo last July:

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.

I’ve requested comment from Sequoia, and will update this post if it responds.