TPG Capital comes out with yuan fund

SHANGHAI - A 5-billion-yuan ($735.35 million) RMB-denominated fund was co-established in Shanghai by world leading private investment company TPG Capital Ltd and the Shanghai Municipal Government and the Pudong New Area Government on Monday. The fund will invest in China's consumer, retail, financial and healthcare industries and focus on medium- to large-sized companies nationwide, sources said.

James Coulter, founding partner of TPG Capital (formerly known as Texas Pacific Group), told China Daily that fundraising would start in the next few months.

TPG Capital's yuan-denominated private equity (PE) fund is far from being the first in China. Last August, Blackstone Group set up a 5 billion yuan fund with the Shanghai government, targeting investments in the eastern coastal city and neighboring areas.