TPG plans $1.5 billion of investments in China

Private-equity firm TPG has made a major move into China this week with agreements to set up two separate renminbi-denominated funds that will seek to invest a combined Rmb10 billion ($1.5 billion) in Chinese growth companies. The funds, which will each have a targeted size of Rmb5 billion, will be established with the support of the municipal governments in Shanghai and Chongqing and the fundraising will start in the next couple of months. TPG is not the first foreign private-equity…