Private equity fund TPG announced plans for a second renminbi-denominated fun US$735.3 million, just one day after it announced its first foray into the market, the Wall Street Journal reported. The new fund, entitled TPG Western China Growth Partners I, will launch in Chongqing and is partnered with Chongqing’s financial-services office and a firm owned by the Liangjiang financial district government. The new fund "will focus on making onshore investments to support the growth and expansion of Chinese companies to and from Western China." On Monday TPG announced its first renminbi-denominated fund, which will be Shanghai-based and consumer and services-oriented. TPG’s aggressive plans come after similar announcements by private equity firms Carlyle and Blackstone (BX.NYSE) in recent weeks.
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