CHONGQING - TPG, a leading global private investment firm, has raised 4 billion yuan ($640 million) for a yuan-denominated private fund established in southwest China's Chongqing municipality last August, the local government reported Thursday.

One billion yuan came from the local government's Liangjiang New Area Development and Investment Group, while the rest came from the private sector, the local government said.

TPG launched two yuan-denominated funds last year in Shanghai and Chongqing, aiming to raise 10 billion yuan in capital. The private investment firm, with $48 billion of managed capital and an extensive global presence, has partnered with top-tier Chinese firms such as China International Capital Corporation Limited, Li Ning Company Limited, Lenovo and the Shenzhen Development Bank.