TPG's first RMB fund targets RMB5 billion
US private equity giant TPG Capital has established its maiden RMB-denominated fund, TPG China Partners I, in agreement with the government of Pudong New Area in Shanghai Municipality, with a target size of RMB5 billion ($735.5 million).
Fundraising and investment activity will start up over the next few months. As soon as it has active local investments, TPG will open a new office in Pudong New Area and deploy its China experts there. With the support of the local government, the RMB fund will target medium- and large-sized domestic companies nationwide, particularly those in the financial services, consumer, retail, healthcare and other modern services industries. Stephen Peel, Managing Partner of TPG Asia, said that the firm looks forward "to contributing to Shanghai’s flourishing financial industry, creating value for Chinese companies as we bring our global scale, and our operational and investment expertise to China."
TPG's move follows similar initiatives by its peers, such as the Carlyle Group's announcement earlier this year of the Carlyle Asia Partners RMB Fund, to be supported by the Beijing government. TPG's action, meanwhile, will support the Shanghai government’s plan to establish a financial hub called Lujiazui Financial Center by 2020.
More on Renminbi fund
Latest News
Asian GPs slow implementation of ESG policies - survey
Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...
Singapore fintech start-up LXA gets $10m seed round
New Enterprise Associates (NEA) has led a USD 10m seed round for Singapore’s LXA, a financial technology start-up launched by a former Asia senior executive at The Blackstone Group.
India's InCred announces $60m round, claims unicorn status
Indian non-bank lender InCred Financial Services said it has received INR 5bn (USD 60m) at a valuation of at least USD 1bn from unnamed investors including “a global private equity fund.”
Insight leads $50m round for Australia's Roller
Insight Partners has led a USD 50m round for Australia’s Roller, a venue management software provider specializing in family fun parks.