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TPG and CICC Capital Jointly Establish China Synergy Platform

Wednesday, January 9, 2019


(Press Release) - TPG, the leading global alternative asset firm, and CICC Capital, the private equity arm of China International Capital Corporation Limited (CICC) (3908. HK), China's preeminent investment bank, signed an agreement to jointly establish the China Synergy platform. This flagship platform is set up with a USD/RMB dual-currency structure to give it flexibility to target investment opportunities both in China and overseas that will benefit from the key trends in the Chinese economy, underpinned by the sponsors' strong cross-border investment and business development capabilities.

With China continuing to evolve as the major growth contributor to global economy, financial and strategic investors are increasingly pursuing investments that can capitalize on and benefit from China-related cooperation. As the first of its kind initiative, the China Synergy 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 China market and to assist Chinese companies to grow with global support.

"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," said Tim Dattels, Co-Managing Partner of TPG Capital Asia. "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."

"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," said Wei Ding, CEO of CICC Capital. "We look to contribute to China'sindustrial transformation and upgrade by bringing advancements and good practice to China and actively assist in international companies' expansion into Chinese market."

This joint initiative underlines strong investment and operations experiences of TPG and CICC. TPG was one of the first private equity firms to invest in Asia, beginning with its first dedicated fund in 1994. It is also an important shareholder of CICC. Through this partnership, both sides expect to strengthen their cooperation.

The platform will be advised by a team of seasoned investors who can leverage the experience and resources of the two firms. David Bonderman, Founder and Chairman of TPG; Mingjian Bi, CEO of CICC; and Teh Kok Peng, Senior Advisor of CICC and former President of GIC Special Investments, will sit on the Steering Committee.

 

View full announcement here