TPG Fund V under-performs
Preliminary results suggest that the value of one of TPG’s buyout vehicles – its $17.4 billion Fund V – has diminished to less than 100 cents to the dollar by the end of 2010, the Financial Times first reported.
According to sources, at the end of the TPG's Q3 2010, the PE major noted in an investor letter that the fund was worth 80 cents on the dollar. The FT said that TPG's findings may be specific to Fund V, as it struggled to regain losses associated with the 2007 acquisition of Texas-based Energy Future Holdings, which it entered into with KKR. Meanwhile, the report points out that Blackstone's BCP V, a comparable-sized fund, saw its $18.1 billion vehicle gain in worth, closing its third quarter at $18.7 billion.
However, TPG anticipated that in total, its funds are collectively up 29% in 2010, with strong performance in Asia in part buoying overall results.
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