China Development Bank applies for stake in TPG
Government-owned China Development Bank (CDB) is reportedly seeking permission to purchase a stake in TPG Capital, coming one month after TPG sold a 4.5% stake to the Government of Singapore Investment Group (GIC) and the Kuwait Investment Authority (KIA).
The news, first reported by the Financial Times, comes as CDB submitted the necessary filings to regulators for the stake. TPG is slated to allocate the undisclosed investment from GIC and KIA for its own expansion, both geographically, in areas such as emerging markets, and its business offerings.
TPG has been a first-mover among Western private equity players in China, and last year boosted its commitment in the country through the launch of two RMB-denominated funds, one in Shanghai and one in Chongqing. That came two years after China's State Administration of Foreign Exchange (SAFE), a division of China's central bank, invested $2.5 billion into TPG's global fund, the FT reported.
Last week, news surfaced that TPG is looking for a new Asia Chairman able to help the firm compete in China.
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