Restaurant Brands International (RBI) has announced a joint venture with Chinese alternative asset manager CPE to accelerate Burger King’s expansion in China, with CPE investing $350m.

The new partnership aims to expand Burger King’s footprint from 1,250 restaurants today to more than 4,000 by 2035. CPE will hold an 83% stake in the venture, while RBI will retain a 17% minority interest and a seat on the board.

The investment will fund restaurant development, marketing, menu innovation, and technology upgrades, supporting Burger King’s long-term growth in one of the world’s largest consumer markets.

“China remains one of the most exciting long-term opportunities for Burger King globally,” said Joshua Kobza, CEO of Restaurant Brands International. “CPE is a well-capitalized, proven operator with exceptional leadership and extensive consumer and restaurant experience, making them an ideal partner to fuel the next chapter of Burger King China’s growth.”

Mark Mao, Managing Director at CPE, said the investment reflects CPE’s confidence in Burger King’s enduring appeal among Chinese consumers. “Leveraging our commitment and deep understanding of the Chinese consumer, we aim to bring Burger King’s flame-grilled burgers to even more guests across the country,” he said.

CPE, which manages approximately $22bn in assets, has a strong track record of scaling consumer brands across Asia. Its investment will help Burger King China double its restaurant count within five years and reach more than 4,000 outlets by 2035.

The partnership supports RBI’s global goal of achieving 5%+ annual net restaurant growth and furthering its transition to a highly franchised business model.

The transaction is expected to close in the first quarter of 2026, pending regulatory approvals. Morgan Stanley advised RBI on the deal, with legal counsel from Kirkland & Ellis and Haiwen & Partners. CPE was advised by Morrison & Foerster and JunHe.

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