The company includes a financial leasing services unit and a heavy truck leasing business.
UT, which was acquired by TPG in 2008, posted profits of RMB198.8m ($32.5m) on revenues of RMB670.7m in the first half of 2013.
Head of TPG’s Asia operations group Steve Schneider said, “We are pleased to see the remarkable growth of UniTrust in the past five years as it continues to tap into the great potential in China and successfully transforms into a leading player in China’s leasing sector.”
Earlier this year it was reported that TPG was expecting to hold a $2bn second close for its latest Asian fund very soon and close the fund on $3.5bn, below its $4bn target, in the final quarter of 2013.
TPG’s target was the largest in Asian private equity fundraising since the financial crisis when it hit the road in the first quarter of 2012, but was eclipsed in June by RRJ Capital and KKR.
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