CDB buys TPG stake

BEIJING - China Development Bank (CDB) Corp's investment unit has agreed to purchase a stake in the US buyout company TPG Capital, said a person with knowledge of the matter.

TPG co-founder Jim Coulter attended a signing ceremony in Beijing on Monday with China Development Bank Capital Co, according to a copy of the schedule for the event seen by Bloomberg News. Michael Fuchs, an external spokesman for TPG, and Zhang Cheng, vice-president of the strategic planning department for CDB Capital, declined to comment.

TPG and rivals Blackstone Group LP and Carlyle Group are selling stakes in their management companies to raise capital for expanding beyond buyouts as private-equity fundraising remains at an eight-year low. China is stepping up efforts to develop buyout firms even as firms raise yuan funds for local private-equity investments.