Dattels, Gray to lead TPG in Asia, Peel steps back
Tim Dattels, a senior partner at TPG Capital, is moving back to Asia to lead the firm’s regional private equity operations in conjunction with Ben Gray. He is replacing Stephen Peel who is withdrawing from day-to-day management.
The move comes as TPG raises its sixth Asia fund, which has been in the market for more than 18 months and is expected to reach a final close of around $3 billion early next year, having recently passed the $2.3 billion mark. The original target was reportedly $5 billion.
According to sources familiar with the situation, while Gray and Peel divided up the region by market - the former heading up Australia, Japan, Korea and Southeast Asia and the latter taking responsibility for China and India - Gray and Dattels will share a single geographic remit.
"In the last few years I've been building up our Singapore office and the Indonesian practice. Now I'm extending that into North Asia," Dattels told Reuters. The newswire also reported that Peel, who came to Asia in 2008, is in talks about a new role with TPG, potentially covering emerging markets and Europe. He will no longer be involved in fundraising or management for Asia.
Dattels ran Goldman Sachs' investment banking operations in Asia before joining TPG and he has been involved in many of the private equity firm's deals in the region.
These transactions include Indonesian lender Bank Tabungan Pensiunan Nasional, a co-investment with Northstar Group that will be partially exited to Sumitomo Mitsui Banking Corp, pending regulatory approval. The Japanese group wants to buy a 40% stake - mostly comprising shares owned by the PE investors - for $1.56 billion, implying a money multiple of at least 6x with 25% still to exit.
TPG's close ties to Southeast Asia-focused Northstar - the two firms have been frequent co-investors and now hold minority stakes in each other - can also be traced back to Dattels. His team at Goldman included Patrick Walujo, who went on to co-found Northstar.
TPG's fifth Asia fund closed at $4.25 billion in early 2008 after about one year in the market. Its successor vehicle has already made three investments: Australian poultry business Inghams Enterprises, Hong Kong broadcaster Phoenix Satellite Television, and Chinese property developer Xinyuan Real Estate.
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