Warburg Pincus, Apax Partners in next bidding round for bad debt manager China Huarong


china chinese flagUS buyout house Warburg Pincus and UK firm Apax Partners have reportedly advanced to the next round of bidding for a stake in China’s largest bad debt manager China Huarong Asset Management.

KKR and Blackstone were previously said to be interested in the stake, but were not named as having made the latest round by Reuters, which cited people familiar with the matter.

It said Goldman Sachs Group, Malaysian sovereign wealth fund Khazanah Nasional and a unit of Deutsche Bank had also made the next round.

China Huarong is looking to raise more than $2bn from the sale of between 15 per cent and 20 per cent of the business.

That is ahead of a possible IPO, Reuters previously reported.

China Huarong was created by the Chinese government to deal with a build-up of “bad” debt in the country’s banking system.

Copyright © 2014 AltAssets