Trade pact

21 January 2019 By Alec Macfarlane

After a long dry spell on the mainland, the private equity firm co-led by Jim Coulter will now work with CICC to pursue deals. Overseas funds have struggled to find targets, but also generate better returns than local rivals. It makes a partnership model worth testing in China.

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U.S. buyout firm TPG and CICC Capital, the private equity arm of investment bank China International Capital Corp, said on Jan. 10 they would establish the “China Synergy platform” to work together on deals.

The firms will use both U.S. dollars and yuan to invest in both China and overseas.

“This represents a powerful opportunity for TPG to expand our presence in the country,” said Tim Dattels, co-managing partner of TPG Capital Asia.

TPG Chairman David Bonderman, CICC Chief Executive Bi Mingjian and CICC senior adviser Teh Kok Peng will serve on the steering committee of the joint initiative.

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