"One multibillion-dollar step at a time, China continues to wade deeper and deeper into the private-equity pool. China's State Administration of Foreign Exchange has committed more than $2.5 billion in the latest offering from TPG. This investment will be the biggest commitment made to a private-equity fund ever. That is, if you don't count the $4 billion mandate China awarded to JC Flowers a couple of months ago and China's $3 billion stake in Blackstone's management company. Those were not traditional commitments to funds managed by private-equity firms, but they do help to illustrate how sovereign-wealth funds, such as those controlled by the Chinese government, are propping up what might otherwise be a difficult fundraising environment. With this commitment, TPG's fund has about $17 billion and counting."
**Taken from Broadgate Consultants e-newsletter
Scary.
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