TPG Asia head to start new Australia business

Benjamin Gray will launch the new initiative once TPG Asia Fund VI is fully invested, slated for 2017.

TPG managing partner in Asia Benjamin Gray will take on a new role building a private equity business in Australia once TPG Asia Fund VI is invested, the firm said in a statement.

The firm expects the $3.3 billion buyout fund launched in 2013 to be fully invested by 2017.

Gray is currently group head for Australia, Japan, Korea and South-East Asia, and co-heads TPG’s Asian business.

“Following the full investment of Asia VI, TPG will participate with Ben as he builds a new business focused on the Australia region,” TPG said in a statement. “As TPG continues to grow our leading Pan-Asian private equity platform and building new businesses globally, we are excited about expanding on our success in Australia.”

Gray was appointed as Asia co-head in November 2013 with Tim Dattels, replacing Stephen Peel while Fund VI was still in market, according to reports. The firm raised $1.6 billion in its final six months after almost two years meeting investors.

Fund VI pursues growth and buyout transactions in healthcare, retail, consumer and financial services sectors. Its investments include in hospital operator Chindex International, acquired in mid-2014 in a consortium with Shanghai Fosun Pharmaceutical Group, according to reports.

TPG’s Asian investments have included ones in Lenovo, Korea First Bank, Shenzhen Development Bank, Myer Department Stores, Parkway Holdings and Shriram Transport Finance, according to its website.

The firm closed its $3 billion TPG Growth III fund in April, as previously reported by Private Equity International.