Hsiang-Ching Tseng

It has been reported that China’s State Administration of Foreign Exchange has allowed the Shanghai government to greenlight the conversion of $3bn into RMB for investment into private equity funds. Whether this money will be treated as local capital still remains unclear.

The Swiss fund of funds manager has secured ex-AI Capital head Kazushige Kobayashi to lead its second office in Asia. News of the office opening comes shortly after PERE learned the firm is planning its first Asia real estate fund of funds.

Under a pilot programme launched by the Shanghai government, so-called qualified foreign limited partners will be able to commit up to 50% of one onshore fund’s capital. Beijing and Tianjin are also said to be awaiting approval for the same programme.

Peng Zhao has taken over at the Swiss firm's Beijing office, following the departure of former China head Linda Cai. Part of his mandate will be to up direct investments in the country.

The buyout firm, which took the Japanese bank private in 2008, is reportedly looking for an additional investor to come on board. The capital could be used to ease debt repayments, sources told Reuters.

TPG will join the ranks of other Western firms raising RMB-denominated funds, including Carlyle, KKR and Blackstone. Read more about TPG in the forthcoming issue of PERE.

Only a day after news of its first RMB fund launch broke, TPG has confirmed it is launching a second, Chongqing-based vehicle, reportedly also with a $736m target.

The US-headquartered gatekeeper and fund of funds manager is looking to source new managers in the Asia-Pacific region and expand its client base. It has based itself in Hong Kong.

The global private equity firm has raised almost half of its target for the Carlyle Beijing RMB fund.

The Steve Schwarzman-led firm, which is targeting about $738m for its debut RMB fund, expects a final close by September.