China-based supplier HCP Packaging—suppliers of luxury cosmetics packaging for brand manufacturers including L’Oréal, Revlon and Shiseido—has been sold by private equity firm TPG Capital Management, to Baring Asia, returning $1.55 billion in total to investors in 2015, as reported in an annual letter to its limited partners. The agreement was signed in mid-December, and is one of 14 TPG deals closed across eight Asian countries during the year.
 
TPG had acquired HCP from members of the founding Chen family in 2012 through its Asia V fund. It reportedly sold the company to Baring Asia for $775 million.