San Francisco-based TPG, a private equity company headed by David Bonderman and Jim Coulter, is setting up a RMB5 billion (about $750 million) fund in association with the municipality of Chongqing to invest in private companies as China seeks to develop its inland provinces, according to Bloomberg.

“We see Chongqing as the center of growth for western and central China and the transformation of both the consumer and industrial base in that area,” Coulter told the news service. 

This follows the signing yesterday by TPG of an agreement for another RMB5 billion fund with the Pudong district of Shanghai, to focus on the financial, consumer, retail and healthcare industries.