Asia chairman sought by TPG

HONG KONG - TPG Capital, the buyout company that manages $48 billion, is seeking a chairman for its Asian operations to help it compete for investments in China, said three people with knowledge of the matter.

The Texas-based company wants a Chinese speaker and has held discussions with several candidates, the people said, asking not to be identified because the process is private.

TPG has invested $8.1 billion in Asia since the start of 2008, more than Carlyle Group and Kohlberg Kravis Roberts & Co, according to estimates by the Asian Venture Capital Journal (AVCJ). Two senior TPG managers, Shan Weijian and Mary Ma, have left during the past year to join other asset managers.