CDB names Permira its latest strategic partner

It is understood that CDB will help Permira with origination, given its 300,000 corporate relationships in mainland China. Permira, in turn, will provide private equity expertise to the institution.

CDB is not an investor in any Permira funds, though it may yet back the GP's current fundraising effort. It is not clear whether CDB will co-invest with Permira in Europe.

Permira has been active in Asia since 2005 and hired Alan Chen as head of China this summer. The firm has put more than $2bn to work in three businesses in China since 2007.

The move is part of the Chinese Development Bank's efforts to build an overseas investment platform and to become more of a commercial bank. The firm set up CDB Capital in 2009 and is currently invested in 19 funds. Its aim is to become a global asset manager with RMB 600m under management within ten years. Fund investments include China-Africa Development Fund, the Sino-Belgian Fund, the ASEAN Fund and Infinity Group in Isreal.

The Permira announcement comes after CDB acquired a minority stake in TPG and established a partnership with KKR.

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