SDCERA invests $75 million in TPG Asia VI - update

"Key reasons include high expected returns from a proven investor with a 17 year track record in Asia; a favorable investment climate in Asia; TPG Asia's strong investment and operational enhancement platform; and the chance to further the relationship between SDCERA and TPG," SDCERA said in a public memo.

Founded in 1992, TPG currently has $49 billion of capital under management. TPG Asia began its investments in 1994 under the name of Newbridge Capital, which was then merged with TPG capital to form TPG Asia in 2005.

Since its inception, TPG Asia has deployed over $5.5 billion in capital and has generated proceeds of over $7 billion. Gross IRR of its five previous funds has reached in excess of 20%.

TPG Asia VI is targeting $4 billion of capital, with the GP committing at least 2.5% of the capital. The firm is allowing LPs to lower their commitments by as much as 10% from its previous Asia fund, raised in 2009.

California Public Employee' retirement System (CalPERS), Canada Pension Plan Investment Board, New York State and Local Retirement Systems and Second Sweden National Pension funds are among the public funds that became LPs in TPG Asia V. The vehicle focuses on making control investments through leveraged buyouts in some 10-15 established Asian companies undergoing restructuring or requiring expansion capital. Ticket sizes ranged from $100-$250 million.

 

 

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• Topics
• Fundraising
• TPG Capital
• Fundraising
• California Public Employees' Retirement System (CalPERS)