Former IFC head Jin-Yong Cai joins TPG
Jin-Yong Cai, the former executive vice president and CEO of the International Finance Corporation (IFC), the investment arm of the World Bank, has been named a partner at TPG Capital.
Cai will be filling a newly created role intended to take advantage of his experience in the financial services industry and relationships in emerging markets, according to a source familiar with the matter. He will head a team based in Washington, D.C., and will be given a broad remit, rather than being assigned to specific geographies or sectors.
Cai's role is being kept intentionally broad, to give him freedom to plan his team's strategy. They will work alongside TPG's existing deal teams and operations teams to develop investment opportunities for the firm.
TPG has been pursuing a global strategy of diversification, seeing to develop its operations in emerging markets through initiatives such as its partnership with Sudanese billionaire Mo Ibrahim's private equity firm Satya Capital, announced last year. The firm plans to invest up to $1 billion in Africa through the partnership.
"The firm has now grown into this space where it can be much more aggressive in the way it goes after these development capital opportunities in these markets," said the source.
Cai, who worked at Goldman Sachs for 12 years before joining the IFC in 2012, was the highest-ranking Chinese official at the World Bank until his departure at the end of last year. He was known at the IFC for pushing for more aggressive lending and investment, particularly to companies in China.
"During our time together at Goldman Sachs, I saw firsthand Jin-Yong's vision and expertise in identifying unique global investment opportunities," Jon Winkelried, co-CEO of TPG, said in a statement. "Jin-Yong is a one of a kind leader in global investment and his relationships and transaction experience will be a tremendous addition to TPG."
TPG hopes to pursue additional opportunities in sectors in which it already operates, such as telecom, financial services, energy, and electricity transmission. Previous investments in these sectors include the purchase, alongside Tillman Global Holdings, of the cell tower assets of India's Reliance Communications last year.
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