The Rise Fund, TPG’s global impact investing fund, has led a Series C round of almost CNY1 billion (approximately US$145 million) for China-based rural lender CFPA Microfinance Management. Ant Financial, China Foundation for Poverty Alleviation, IFC, Sequoia Capital, High Impact Capital Advisors and Renda Puhui also participated in the round. Investors in the round acquired both primary and secondary shares. CFPA plans to use the funds to support technology innovation, operational upgrades and coverage expansion in the rural market.