BEIJING AND SAN FRANCISCO —November 6, 2018— CFPA Microfinance Management (“CFPA Microfinance” or “The Company”), China’s leading rural microfinance provider, today announced that it has closed its Series C equity financing. The series C investors have signed up to almost RMB 1 billion or approximately $140 million in primary and secondary shares of the Company. The Rise Fund, a global impact investing fund managed by TPG Growth led the investment. The investment of this round is aimed to continue to support the Company with technology innovation, operation upgrade and coverage expansion to bring inclusive financial to broader population with diversified and enhanced service offering to rural market. After this round, investors of the company are: The Rise Fund, Ant Financial, China Foundation for Poverty Alleviation, IFC, Sequoia Capital China, High Impact Capital Advisors, and Renda Puhui.

China is home to one of the largest unbanked populations in the world. Nearly 500 million people across rural China are served by neither traditional banking systems nor non-bank institutions. Bringing these people into the formal financial sector can have considerable positive impact on their financial lives.

Founded by the China Foundation for Poverty Alleviation in 1996, CFPA Microfinance engages in the management and development of microfinance for poverty alleviation applications. It offers microfinance services to poverty-stricken populations in rural areas for productions and consumption. The Company’s microlending currently reaches more than 380,000 customers in 91,000 villages across China, and with 22% year-over-year growth in net revenues and more than 3,000 on-the-ground staff sourcing and reviewing loans, the company is well positioned to grow its presence across the country and extend its reach in a dramatically underserved market.

“The initial intention of CFPA Microfinance was to resolve the problem of obtaining loans for middle and low-income people in rural areas. We are committed to ‘break through the last 100 meters of rural finance", said Dongwen Liu, President of CFPA Microfinance. “Over the past 22 years, more than 5 million people in rural areas have benefited from our microfinancing projects. We hope to attract more capital into the rural financial field in the future, which will lead to the emergence of more "CFPA Microfinance". Together with our partners, we will focus on serving the rural market, so that more people in China’s rural areas can receive professional financial services.

The Rise Fund is the world’s largest global fund committed to achieving measurable, positive social and environmental outcomes alongside competitive financial returns. This investment is part of TPG’s global effort to expand financial inclusion, and it will be the Rise Fund’s second investment in China. This investment builds on The Rise Fund’s existing investment in Baidu Financial Services Group, which offers low-cost education loans to consumers across China.

“As one of the few profitable national micro-finance platforms focus on rural populations, we see a strong collinearity between commercial success and impact in CFPA Microfinance, which is fully in line with the Rise Fund’s investment strategy”, said Chang Sun, Managing Partner, TPG China. “Given that the vast majority of CFPA Microfinance’s customers come from China’s poorest communities, the impact of these micro loans can be transformative, giving people the ability to improve productivity and generate saving for the future or invest in crucial services for their families, like education and healthcare, that lead to long-term economic gains.”

About The Rise Fund  The Rise Fund is the world’s largest global fund committed to achieving measurable, positive social and environmental outcomes alongside competitive financial returns — what we call “complete returns.” The Rise Fund is managed by TPG Growth, the global growth equity and middle market buyout platform of alternative asset firm TPG. The Rise Fund is led by a group of influential thought leaders with a deep personal and professional commitment to driving social and environmental progress. The board includes: Bill McGlashan, TPG Growth Founder and Managing partner; Bono, Jeff Skoll, Mo Ibrahim, Laurene Powell Jobs, Anand Mahindra and Pierre Omidyar. The Rise Fund’s objectives align with the U.N.’s Sustainable Development Goals. The Rise Fund invests in education, energy, food and agriculture, financial services, growth infrastructure, healthcare, and technology, media, and telecommunications companies that deliver complete returns. For more information, visit www.therisefund.com.