Tuesday, 28 March 2017
Last updated 9 hours ago
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.