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TPG Capital names industry veteran Sun to head China business

[HONG KONG] Global buyout firm TPG Capital Management hired industry veteran Chang Sun as head of its China business, looking to grow beyond traditional private equity investments and into distressed opportunities and real estate, among other areas.

TPG named Sun managing partner for China, where he will head the firm's buyout, growth and social investing business, according to a statement Monday.

Sun was previously a 20-year veteran at private equity firm Warburg Pincus in China, but quit the firm in 2015 to run his own agriculture and impact investment firm, Black Soil Group Ltd.

TPG is in the middle of raising about US$4.5 billion for its seventh Asia-focused fund, its biggest for the region, sources familiar with the plans previously told Reuters.

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Total capital available for investment at the new fund could reach about US$6 billion if co-investments from limited partners - pension funds and institutional investors who will invest in the TPG fund - are included.