TPG closes $3.3bn Asia fund

The firm has closed its sixth Asia vehicle below target after about two years in the market.

Global private equity firm TPG has closed its latest Asia Pacific vehicle on $3.3 billion, a source close to the matter confirmed to Private Equity International.  

The fund, its sixth dedicated to the region, has been in the market since 2012 and closed slightly under its $3.5 billion target.

The firm raised $1.6 billion of the capital over the past six months following a restructuring of its Asia team, Reuters reported, citing sources familiar with the matter.

In April, media also reported the firm had raised $2.9 billion towards its target.

In November, the firm said it would relocate senior partner Tim Dattels from the firm’s San Francisco headquarters to Hong Kong where he became co-head of Asia in February.

Dattels joined Ben Gray as co-head of the region. Gray is based in Singapore and also serves as managing partner in Korea, Japan, Australia and Southeast Asia.

In January, TPG further added to its Southeast Asia team, hiring Datuk Ganen Sarvananthan from Malaysia’s sovereign wealth fund Khazanah Nasional Berhad where he was head of investments and executive director. He will be based in Singapore. 

TPG closes the vehicle as a number of its rivals also end their regional fundraising efforts.

Earlier this week, CVC Capital Partners raised its fourth Asia-focused fund on its $3.5 billion hard-cap after just under a year in the market, PEI reported earlier.

Also this month, The Riverside Company bashed through its $150 million target for its second Asia fund, focused on the region’s developed economies, raising a total of $235 million in total.