The firm has already hired Morgan Stanley and UBS to handle the sale, said Reuters, citing sources with knowledge of the matter.
Potential suitors include bank and non-bank financial institutions from Europe, Japan and Australia. Bidders are likely to be attracted by the huge market that the company is exposed to.
UniTrust, which was bought by TPG as part of its $275m investment in Japanese business Nissin Leasing in 2008, serves Chinese SMEs operating in the construction, medical, education and technology sectors.
The report noted that SMEs combine for 60 per cent of China’s GDP and 75 per cent of new jobs created in the country.
Earlier this year it was reported that TPG had only raised $1bn for its $4bn Asian fund, which hit the road in late 2011.
It is expected that a successful exit from UniCredit could help TPG’s ongoing fundraise.
Peer KKR has recently broken the $5bn mark for its Asian Fund II.
Earlier this month, it was reported that TPG-backed bathroom fixtures maker Grohe Group could relist on the public markets and could be valued at €2.2bn.
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