TPG leads Series C for China wealth management firm Sinowel

China Everbright, KPCB and Keytone Ventures also participated, Sinowel said in a statement.

Founded in 2006, the company provides wealth management, asset management and consumer finance services for Chinese high-net-worth individuals. It also has partnerships with financial institutions operating in banking, insurance, securities and trust industries, providing them with integrated financial products marketing solutions.

KPCB previously invested $14 million in Sinowel across two rounds of funding. In 2010, the company secured renminbi funding from Walden International. The firm also received backing from CITIC Private Equity and PAG.

The new funding will be used to strengthen Sinowel's financial services capabilities, particularly in upgrading its IT system as well as expanding its online wealth management platform. 

This is not the first time that TPG is tapped opportunities in China's financial services industry. In September 2013, the GP agreed to sell financial leasing company UT Capital Group to Haitong International Holdings for approximately $715 million, bringing an end a five-year ownership period during which UT Capital has expanded its activity from the construction sector to SMEs in areas such as healthcare, education, printing and packaging, and machine tools.

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• Topics
• Greater China
• Financials
• Expansion
• Financial Services
• Growth capital
• TPG Capital
• China Everbright
• KPCB China Management
• Keytone Ventures
• China