CDB Purchases Stake in TPG

(Beijing) -- China Development Bank, one of the country's largest state-owned banks, has completed a deal with Fort Worth, Texas-based TPG Holdings to purchase a minority stake in the private equity firm, a source from CDB told Caixin.

According to the source on May 23, CDB has purchased a small stake in TPG through its wholly-owned subsidiary, CDB Capital. "This is an equity investment that constitutes a small portion of CDB's overseas strategy," said the source without disclosing further details.