US private equity group Texas Pacific Group has remained silent on reports that it has invested US$35m in Vietnamese food producer Masan Group.

According to a report in The Times today (26 October), TPG, which is investing in a form of convertible bonds, will receive a stake of between 5% and 10%.

A spokesperson for TPG declined to comment specifically on the report.

However, the news would fit TPG's strategy of investing in companies that are benefiting from Asia's growing middle class.

In August the investment vehicle announced that it was investing in Chinese retailer Wumart.

The spokesperson insisted that this focus on Asia was not a new strategy for TPG.

"TPG has been investing in Asia for more than 15 years," the spokesperson emphasised.

Masan manufactures branded sauces and noodles.