Global private equity fund manager Warburg Pincus has invested US$181 million in China-based rental accommodation provider Weave Co-Living with the option to increase its commitment to US$413.5 million. Weave, which targets millennials and young professionals, plans to use the new capital to grow its portfolio in gateway cities across the Asia-Pacific region. Over time, Weave aims to launch new rental accommodation options catering to different target demographics.