TPG partners CICC Capital to set up China Synergy investment platform

Photographer: SeongJoon Cho /Bloomberg

Global alternative investment firm TPG and CICC Capital, the private equity arm of China International Capital Corporation (CICC), has inked an agreement to jointly establish the China Synergy platform, it said in an announcement on Thursday.

The flagship platform is set up with a USD/RMB dual-currency structure to give it flexibility to target investment opportunities in both China and overseas.

The platform is designed to carry out cross-border investments on a global scale with specific focus on China and aims to assist non-Chinese companies to expand into the home market and to assist Chinese companies to grow with global support.

However, both PE firms did not disclose the fund size of the platform.

The platform will be advised by a team of seasoned investors including TPG founder and chairman David Bonderman, CICC CEO Mingjian Bi, and senior advisor of CICC and former president of GIC special investments Teh Kok Peng, who will all sit on the steering committee.

“This represents a powerful opportunity for TPG to expand our presence in the country. The platform is complementary to our existing business and it is a solid step in our journey to build on our offerings to fast-growing Chinese companies at all stages. The China Synergy platform, by promoting China’s industrial development and the internationalization of Chinese enterprises, will play a role in bringing positive social impact to the Chinese economy.”said TPG Capital Asia co-managing partner Tim Dattels.

A shareholder of CICC, the $103-billion TPG was one of the first private equity firms to invest in Asia, beginning with its first dedicated fund in 1994. Both firms expect to strengthen their cooperation through the joint initiative.

“We are excited to collaborate with TPG for this great opportunity. Through this platform, we aim to help Chinese companies develop core competitiveness through integrating global resources, at the same time, zeroing in emerging areas in China’s industrial transformation.

“We look to contribute to China’s industrial transformation and upgrade by bringing advancements and good practice to China and actively assist in international companies’ expansion into Chinese market,” said CICC Capital CEO Wei Ding.

CICC Capital currently runs government-backed funds investing in emerging industries, restructuring, USD and RMB funds of funds, and USD and RMB private equity funds with various strategies including venture capital, growth, buyout and distressed investment. It boasts a total AUM of about 300 billion yuan ($44.2 billion).

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.