A group of investors led by global alternative asset managers The Carlyle Group and TPG has agreed to invest US$1.9 billion in the financial services group of China-based Nasdaq-listed technology conglomerate Baidu. The group has subsequently been renamed as Du Xiaoman Financial. Other participants in the funding round include China-based life insurance company Taikang Group, Agricultural Bank of China’s asset management arm ABC International Holdings and additional undisclosed investors. Pursuant to the agreement, Du Xiaoman will receive a US$840 million capital injection while the remaining US$1.06 billion of the consortium’s commitment will be used to purchase a majority stake in the company from Baidu, which will retain a 42 percent holding. Du Xiaoman provides consumer credit, wealth management and other financial services. The transaction is subject to closing conditions and is expected to be completed in the second half of 2018.