China Development Bank, one of the country’s largest state-owned banks, has applied to regulators for permission to join a group of sovereign wealth funds buying a minority stake in buy-out firm TPG, according to people familiar with the matter.
CDB’s request is the latest indication of the private equity fever sweeping China as local dealmakers leave the major buy-out firms and banks to set up their own investment firms.
At the same time, local Chinese financial institutions and governments – as well as wealthy families – have become increasingly important as a source of funds both for domestic and international companies that have raised local currency funds in China.
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