The transaction includes investments in 14 portfolio companies across the two funds.
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D&J China is the second platform co-founded by Warburg Pincus and Dongping Sun.
The firm launched the fund almost a year and a half ago.
A sale could reportedly value the supplement producer at as much as $1 billion, including debt.
Rest of Asia
The sale drew interest from potential buyers who ultimately baulked at the franchise's NZ$120-million ($80.26 million) price tag.
The current Craveable Brands management will continue to lead the business.
Foreign equities, which account for 25% of the fund portfolio, picked up in Q4 delivering over 8 per cent returns.
The open offer, which was originally scheduled for May, will now open on July 15 and close on July 20.
The PE firm has roped in DBS Bank to facilitate the transaction.
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