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TPG’s main man in China to launch own fund

2 Jun 2010

TPG Capital’s chief rainmaker in China, Weijian Shan, is leaving the US buy-out group as a partner to pursue his own pan-Asian private equity fund, according to the Financial Times.

Shan is responsible for a number of successful China deals for TPG, including its purchase of Shenzhen Development Bank, which it recently exited, making a substantial return and leaving Shan with tens of millions of dollars.

Shan, who is based in Hong Kong and has been with TPG for 12 years, will act as a senior adviser to TPG and continue to sit on the boards of certain TPG investments, despite his new focus on a proprietary fund.

The new vehicle will not be limited to China, but will draw on Shan’s Asia-wide experience. Other notable deals he has been in charge of include Taiwan’s Taishin Financial and Korea First Bank, once the largest bank in South Korea.

TPG is likely to act as a cornerstone investor to the new fund and may co-invest in some deals.

China remains the focal point for TPG’s Asia strategy. The firm is part of an investor group looking to take control of Morgan Stanley’s stake in China International Capital Corp (CICC), said to be the biggest domestic investment bank in the country.

It recently emerged that CICC is planning its own private equity fund with a $300m target.

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