TPG closes sixth Asian fund at $3.3b

The private equity firm secured $4.25 billion for its previous fund and was reportedly seeking up to $5 billion for the new vehicle, but the fundraising process has been challenging. Last year saw a change in senior management with Tim Dattels moving back to Asia to head up operations alongside Ben Gray. Stephen Peel withdrew from day-to-day management.

According to Reuters, almost half of Fund VI was raised in the past six months and TPG expects to deploy around $4.5 billion on total, including co-investment from LPs. Around $540 million has already been invested from the new fund while its co-investors have added a further $340 million.

AVCJ Research's records show that participating LPs include San Diego County Employees' Retirement Association, Second Swedish National Pension Fund, British Colombia Investment Management and New Mexico State Investment Council. Canadian Pension Plan Investment Board is also understood to have committed capital.

In the last few months, TPG has partnered with Fosun Industrial on the $461 million take-private of NASDAQ-listed Chinese healthcare provider Chindex International and invested $132 million in Philippines-based housing developer 8990 Holdings alongside Malaysia's Khazanah Nasional.

The fundraise comes days after CVC Capital Partners announced a final close of $3.5 billion on its latest pan-Asian fund.

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• Topics
• Fundraising
• Buyout
• TPG Capital
• Fundraising
• Asia
• buyout