TPG Growth closes third global fund at $3b
TPG Capital has reached a final close of $3 billion on its third global middle market and growth equity fund. The initial target was $2.75 billion.
The investor base comprises public and private pension funds, foundations and endowments, insurance companies, and high net worth individuals. More than 80% of the LPs have participated in previous TPG Growth vehicles. Fund II closed at $2 billion in 2012.
TPG Growth covers a broad range of industries with a significant focus on large emerging markets such as China and India. Current China assets include: agricultural biotechnology company Agria Corporation, China Vogue Casual Wear, wind power developer Hong Kong Energy, MI Energy, NT Pharma, and Yunnan Red Wine.
In India, TPG Growth is invested in bulk container manufacturer Flexituff, renewable energy player Greenko, Lilliput Kidswear, and medical equipment maker Sutures India. The firm has also entered Southeast Asia, backing Apollo Towers in Myanmar, and feed manufacturer Proconco and conglomerate Masan Group in Vietnam.
The most recent disclosed investment saw TPG Growth lead a INR13.5 billion ($21.9 million) Series C round of funding for Valyoo Technologies, which operates India-based online eyewear retailer Lenskart.
"The interest in our third fund speaks to the success of TPG's growth equity strategy. We invest in dynamic companies, partnering with founders and management teams to leverage the full resources of the TPG platform and scale businesses in the US and around the world," said Bill McGlashan, founder and managing partner of TPG Growth, in a statement.
TPG Growth now has more than $7 billion in assets under management and committed capital. Notable US investments include Uber, Airbnb, Box and SurveyMonkey.
TPG is currently investing its sixth Asia fund, which closed last May at $3.3 billion. Earlier this year, the firm reached a first close of $6.5 billion on its latest global fund, which has a target of $8 billion and a hard cap of $10 billion.
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