June 2 (Reuters) – Private equity firm TPG Capital’s [TPG.UL] high-profile partner in China, Weijian Shan, is leaving the firm to launch an Asia-focused investment fund, the Financial Times reported on Wednesday.
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TPG is expected to participate in the funding of Shan’s new venture and co-invest in some deals while Shan will remain a senior adviser to the U.S. buyout firm, the newspaper said.
The fund will invest in markets across Asia and may favour a buy-out strategy for deals. Shan declined to comment when contacted by Reuters.
In May, TPG, led by Shan, made sixteen times its money on a six-year investment in a Chinese lender, Shenzhen Development Bank.