TPG Growth closes fourth fund at $3.7b
TPG Capital has closed its fourth global middle market and growth equity fund at the hard cap of $3.7 billion after four months in the market.
The final close comes less than three years after TPG closed its third fund at $3 billion, with commitments from LPs including public and private pension funds, foundations and endowments, insurance companies, and high net worth individuals. Like that vehicle, TPG Growth IV will invest in companies across a range of industries with a focus on strong consumer brands, according to a statement.
In recent years TPG Growth has made a number of investments in India, such as the purchase of a majority stake in maternity hospital operator Rhea Healthcare and commitments to shoe supplier Campus Activewear and online eyewear retailer Lenskart. The GP is also active in Greater China, having co-led a $500 million funding round for used car trading platform Uxin alongside Jeneration Capital and China Vision Capital in January.
TPG Growth is also investing the Rise Fund, a social and environmental impact investment vehicle that closed earlier this year with $2.1 billion in commitments. The first investment of the Rise Fund in Asia was a $50 million commitment to Indian dairy firm Dodla Dairy in May that provided a full exit for Proterra Investment Partners.
The close of TPG Growth IV brings TPG Growth’s total assets under management, including the Rise Fund, to $13 billion.
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