TPG Asia VII receives first LP commitment – Exclusive

The seventh Asia-focused fund, which is targeting $4.5bn, secured a $100m re-up commitment from New Mexico State Investment Council.

Forth Worth, Texas-based TPG has received its first official limited partner commitment for its seventh Asia-focused fund, TPG Asia VII, Private Equity International has learned.

A New Mexico State Investment Council (SIC) spokesman told PEI the SIC investment committee approved a $100 million commitment to TPG Asia VII during its Tuesday meeting.

TPG noted during the meeting that this is the first commitment to be approved among the LPs considering contributions to TPG Asia VII, which is targeting $4.5 billion, the spokesman said.

He noted that this is a re-up for the manager, which had previously committed $100 million to TPG Asia VI. TPG is one of SIC’s core private equity managers, meaning it has multiple fund relationships with the general partner, he added. The latest commitment is the fifth fund commitment with TPG.

Tuesday’s commitment also marks SIC’s first commitment for the 2017 annual private equity allocation of $550 million to $650 million, according to meeting materials from Tuesday.

TPG’s Asia fund series focuses on China, India, Southeast Asia, Australia and Korea, and targets the financial services, healthcare, consumer demand growth, and TMT sectors, meeting materials indicated. The series has invested $8.1 billion in 69 investments across 12 countries, and has produced $12.4 billion in realisations.

The firm, which was established in 1992, began investing in Asia in 1994.

The SIC spokesman declined to comment on specific fund terms, but the meeting materials said TPG Asia VII’s fund terms are “generally consistent” with other vehicles in market.

TPG manages over $73 billion in assets, the meeting materials noted. It has offices in the US, India, Hong Kong, London, Singapore, Turkey, Australia, Russia, Brazil, China and Luxembourg.

Last month, the firm launched an impact fund through its mid-market platform, TPG Growth, targeting $2 billion, as reported by PEI.

SIC manages about $21 billion in assets, according to PEI data. Its recent commitments include $100 million to secondaries fund Landmark Equity partners XVI and $75 million to TDR Capital IV, according to PEI data.