TPG Capital said Monday it plans to raise 5bn yuan ($736.5m) for its first yuan-denominated private equity fund.

The fund, called TPG China Partners I, which is being raised with support from the Shanghai municipal government and the Pudong New Area government, will focus on medium- and large-sized Chinese companies, particularly those in financial services, consumer, retail, healthcare and other modern services industries, TPG Capital said. The firm plans to open an office in Shanghai's Pudong district.