Managers

1996 State Law Requires Fund to Eliminate Unfunded Liabilities by 2028

TPG’s growth platform was a focus of capital raising in 2021. It collected $4.9bn in all, much of it accounted for by the close of TPG Growth V at $3.6bn, above a $3.5bn target.

The new venture, named Twelve Degrees, will back about three North American lower mid-market firms per year.

Coral Tree Partners closed its debut fund recently on $450m, beating its original target and even its cap.

Lefebvre’s departure comes after a series of exits from the firm in recent months, including Chucri Hjeily, who led the firm’s Latin America focus and resigned recently.

Fifteen funds exceeded their targets by 23% on average, with General Atlantic and Blackstone achieving the highest disparity.

The portfolio sale, relatively small compared to the $1bn-plus transactions that hit the market since last year, is expected to get a lot of looks.

Rees shares with us his training as a mechanical engineer, the book that most influenced his career, and the highs and lows of spinning out Dyal Capital.

First-timers successfully attracting capital generally are those formed by executives from larger shops, who have relationships with investors, and who have targeted strategies that fulfill a need in investors’ portfolios.

The fund comes almost exactly a year after the closing of Brightstar’s second flagship vehicle. Originally targeted to bring in $1bn, Fund II wrapped up at its $1.27 bn hard-cap.