Feb. 10, 2012 (China Knowledge) - Global private equity giant TPG announced on Wednesday that it had raised RMB 4 billion for RMB-denominated fund in Chongqing
Municipality in Southwest China, sources reported.
The U.S.-based private equity firm said that state-owned Liangjiang New Area Development and Investment Group invested RMB 1 billion in the fund, and the remaining fund came from private sources.
The fund will focus on promising industries in China and sectors in which TPG has successful investment experience.
Last year, TPG launched two RMB funds in Shanghai
, aiming to raise a total of RMB 10 billion.
TPG, which has entered China for 18 years, has investments in top Chinese firms like China International Capital Corp, Lenovo, Li Ning Co Ltd <2331
> and China Grand Automotive Services Co.