UPDATE 1-Warburg Pincus’ first yuan-denominated fund wins investment from Chinese city

Warburg Pincus said on Thursday that Yixing has signed an agreement to invest in its first yuan-denominated fund, which will be registered in the same Chinese city. The U.S. private equity firm said the yuan fund, with an estimated size of 3 billion yuan ($410 million), will focus on innovative medicines and medical devices. Reuters reported Warburg Pincus's plans to raise a yuan-based fund of that size in a February report that cited sources familiar with the matter.