Global private equity fund manager Warburg Pincus and China-based commercial real estate developer CREATER have agreed to establish a joint venture to pursue urban redevelopment projects in China. As part of the agreement, Warburg will commit up to US$300 million in equity to CREATER at the corporate level and to establish the joint venture. Separately, Warburg has participated in a US$300 million investment in China-based online tutoring company Yuanfudao. China-based technology conglomerate Tencent Holdings led the funding round, and China-focused venture capital fund managers Matrix Partners China and IDG Capital also participated. The transaction reportedly values the company at US$3 billion. Yuanfudao plans to use the new funding to invest in smart learning, customer experience and other technology research and development.