TPG has joined the queue of western private equity groups rushing to raise renminbi-denominated funds from Chinese investors that will allow them to make local currency investments across the country.
Unveiling a partnership with the local government of Shanghai’s Pudong district yesterday, San Francisco-based TPG said it planned to start raising its debut renminbi fund later this year with a Rmb5bn ($735m) target.
Foreign private equity groups have struggled to make inroads into China, partly because of strict regulations governing the use of US dollar-based offshore funds to acquire local assets.
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