Shan Weijian, founder of US private equity group TPG Capital and the firm’s leading China dealmaker, is quitting to launch a new Asia-focused investment fund, the Financial Times reported. Shan lead TPG through a string of profitable deals, including the acquisition of Shenzhen Development Bank (000001.SHE), which was very profitable for both TPG and Shan individually. TPG Capital is expected to invest in the venture and co-invest in some deals. The new fund will focus on Asia-wide opportunities, including China, and will likely maintain TPG’s buyout-oriented strategy. TPG is currently part of a consortium in advanced discussions to acquire a large stake in CICC, a Chinese brokerage, from Morgan Stanley (MS.NYSE). Shan, who is based in Hong Kong, will remain as a senior adviser at TPG.
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