Global private equity fund manager EQT Partners has agreed to invest CNY378 million (approximately USD56 million) for a minority stake in VBill, a China-based third-party payment company serving small and medium-sized enterprises. EQT will invest through EQT Mid Market Asia III. The company will use the new partnership with EQT to expand into lower-tier cities, grow its customer base, and develop its consumer lending business. The deal, which will reportedly include a second tranche, is expected to close in the first half of 2019.