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TPG's yuan PE fund reaches US$635m mark
By Ding Yining |
February 6, 2012, Monday
|
Online Edition
Online Edition
TPG Capital said today it has completed raising 4 billion yuan (US$635 million) for its first yuan-denominated private equity fund.
Private equity companies such as Blackstone, IDG Capital and Carlyle Group have also launched yuan PE funds in China as the country is introducing more capital to facilitate enterprise growth in Shanghai and across the nation.
The new fund, called Shanghai TPG I Equity Investment Partnership Enterprise, will be poured into domestic firms in sectors such as consumer goods, retail and healthcare.
Ninety percent of capital in the fund has been raised from non-governmental entities.
"Although the global financial crisis has made fundraising rather difficult, a low valuation of the domestic stock market signals it is probably now a good chance to start investing," said Sing Wang, a partner of TPG and co-chairman of TPG China.
Details of the fund emerged in 2010 when TPG also established another RMB fund in the southwestern city of Chongqing.
The two funds will be managed and operated under one entity in the future. TPG aims to raise an aggregate 10 billion yuan through the two funds.
Lujiazui Finance & Trade Zone Development Co, Pudong New Area government's entity responsible for land development and management, is also planning to invest in the fund, according to Wang.
Some domestic companies, targeted at listing on the domestic bourse, has to meet shareholder structure demands of the securities watchdog.
That has given yuan-denominated funds additional investment opportunities compared with foreign currency funds.
Private equity companies such as Blackstone, IDG Capital and Carlyle Group have also launched yuan PE funds in China as the country is introducing more capital to facilitate enterprise growth in Shanghai and across the nation.
The new fund, called Shanghai TPG I Equity Investment Partnership Enterprise, will be poured into domestic firms in sectors such as consumer goods, retail and healthcare.
Ninety percent of capital in the fund has been raised from non-governmental entities.
"Although the global financial crisis has made fundraising rather difficult, a low valuation of the domestic stock market signals it is probably now a good chance to start investing," said Sing Wang, a partner of TPG and co-chairman of TPG China.
Details of the fund emerged in 2010 when TPG also established another RMB fund in the southwestern city of Chongqing.
The two funds will be managed and operated under one entity in the future. TPG aims to raise an aggregate 10 billion yuan through the two funds.
Lujiazui Finance & Trade Zone Development Co, Pudong New Area government's entity responsible for land development and management, is also planning to invest in the fund, according to Wang.
Some domestic companies, targeted at listing on the domestic bourse, has to meet shareholder structure demands of the securities watchdog.
That has given yuan-denominated funds additional investment opportunities compared with foreign currency funds.
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