TPG Strikes Deal With Chinese Bank

May 23 2011 | 2:44pm ET

A Chinese government-owned bank has agreed to take a stake in private equity giant TPG Capital.

China Development Bank Capital Co. signed the deal in Beijing today, with TPG co-founder Jim Coulter in attendance at the ceremony. Meanwhile, the bank has asked for regulatory approval to take the minority stake.

TPG has been taking on state-owned firms as minority investors in recent months, selling stakes to the Government of Singapore Investment Corp. and Kuwait Investment Authority.

Terms of the TPG-CDB deal are unclear; the Singapore and Kuwaiti sovereign wealth funds bought nearly 5% of the firm.

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