TPG raises US$4.6b for Asian PE fund, exceeds target

KUALA LUMPUR: Global alternative asset firm TPG’s latest Asian focused private equity fund, TPG Capital Asia VII raised over US$4.6bil (RM18.73bil) in commitments, exceeding its target.

TPG Asia VII has so far committed more than 40% of the capital across 12 companies, including, Du Xiaoman, the consumer lending, wealth management and payments platform spun out from Baidu, it said in a statement on Monday.

Other investments were Pathology Asia Holdings, Healthscope’s Asian Pathology business that operates 39 labs across Singapore, Malaysia and Vietnam and UPL, a global leader in agricultural solutions; and Greencross Limited, an ASX-listed integrated pet care platform in Australia.

The co-managing partner for TPG Capital Asia, Ganen Sarvananthan said: “Thanks to the continued support of our global investor partners, we surpassed the target figure for TPG Asia VII. We are proud to have reached this milestone.

“With Asia VII, we will continue to invest in opportunities that reflect our differentiated investment strategy, deep sector expertise, and focus on operational improvement. We look forward to continuing to deliver value for our investors while helping to build great new companies across Asia.”

Partner and co-head of fund raising at TPG, Stephen Bamford said: “We are incredibly grateful for the trust placed in us by both our long-standing partners, many of whom have invested with us over multiple funds, and welcome a new group of limited partners to Asia VII.”

This year marks TPG’s 25th year investing in Asia, since establishing its first regionally-dedicated fund in 1994.

Founded in 1992, TPG has more than US$103bil of assets under management and offices in Austin, Beijing, Boston, Dallas, Fort Worth, Hong Kong, Houston, London, Luxembourg, Melbourne, Moscow, Mumbai, New York, San Francisco, Seoul, and Singapore.

TPG’s investment platforms are across a wide range of asset classes, including private equity, growth venture, real estate, credit, and public equity.

Source: TheStar