Warburg Pincus Closes $2.3 Billion Financial Sector Fund

Warburg Pincus today announced it has raised Warburg Pincus Financial Sector, L.P. with US$2.3 billion. The fund, launched in June 2017 with a target of US$1.6 billion, is a companion fund to Warburg Pincus XII, L.P., a US$13.4 billion private equity Fund that closed in late 2015.

Warburg Pincus Acquires 49% Of Fortune SG From Societe Generale

Warburg Pincus has acquired a 49% stake in asset management company Fortune SG from Societe Generale. The deal sees Societe Generale exit from Fortune, a joint venture it established in 2003 in partnership with a unit of Baosteel Group, creating one of China’s first sino-foreign joint venture fund management companies. No financial details were disclosed.

Chang Sun, Founder Of Black Soil Group And Ex-Warburg Chief, Joins TPG China As Managing Partner

TPG announced today that it has named Chang Sun as managing partner, China. Chang Sun was most recently the founder of Chinese agricultural business Black Soil Group Ltd and was chairman, Asia Pacific at Warburg Pincus before that. In his new role, Chang Sun will oversee TPG’s investment activities in China across TPG Capital Asia, TPG Growth, and The Rise Fund.

Warburg Pincus Leads $60M Series B Round In Logistics Robot Maker Geek+

Warburg Pincus has led a US$60 million series B financing round in Geek+, a Beijing-based logistics robot developer whose technology, similar to Amazon’s Kiva robot, is designed to improve automation at warehouses. Existing shareholders including Volcanics Venture also participated in the round, which is the largest single round of fundraising in the logistics robot industry globally to date, says Warburg in an announcement. The new round follows a RMB100 million (US$14 million) series A+ round in Geek+ led by Vertex …

Tencent, Warburg Lead $215M Series D Round In China’s Mobike

Chinese Internet giant Tencent Holdings Ltd. and Warburg Pincus have led a US$215 million series D funding round in Mobike, a Chinese smart bike-sharing company. New strategic investors including China’s largest travel company Ctrip, TPG, and Chinese hotel operator Huazhu Hotels Group, as well as existing investors Sequoia Capital China and Hillhouse Capital also participated.

Warburg Pincus To Open Office In Singapore

Warburg Pincus plans to open an office in Singapore to further identify and evaluate growth investment opportunities across Southeast Asia, the global private equity giant announced today. The office, subject to regulatory approval, is expected to be officially opened in July.