In his new role Sun will head TPG’s investment activities in China across TPG Capital Asia, TPG Growth, and The Rise Fund.
The firm is currently raising its seventh Asia-focused buyout fund TPG Asia VII, which has a target of $4.5 billion, and is on track for a final close in the third quarter of the year, a source with knowledge of the matter told Private Equity International in July. TPG Growth is the firm’s growth and mid-market buyout platform, which currently invests from its $3 billion, 2015-vintage fund. Meanwhile TPG Rise Fund is TPG Growth’s global impact fund, which has so far raised $325 million out of a $2 billion target, according to PEI data
Sun was in the process of raising $1 billion for his China agriculture-focused impact investing firm Black Soil a year ago but decided to temporarily postpone it “to allow time to prove its concept”, as previously reported by PEI. A source with knowledge of the matter said Sun will no longer run Black Soil’s day-to-day operations following his a appointment with TPG, and a team of investment professionals will continue to manage its direct investments. It is, however, unclear whether Sun had continued raising capital from investors since February last year.
Prior to setting up Black Soil in July 2015, Sun was chairman for Asia Pacific, at Warburg Pincus. Earlier in his career he was an investment director in the Investment Banking Division of Goldman Sachs Asia. Sun is a veteran in China’s investment community. He founded two industry trade organisations – the China Venture Capital and Private Equity Association and the China Real Estate Developers and Investors’ Association – where he currently serves as honorary chairman and executive vice chairman, respectively.
TPG has more than $73 billion of assets under management, of which over $7 billion is invested in Greater China, India, South-East Asia, Australia and Korea.
TPG’s investments in China include retail chain Wumart, private hospital operator Chindex and wealth management company Sinowel.