TPG has closed its third growth fund on $3 billion dollars. The fund beat its $2.75 billion dollar target in five months.
The fund was in market alongside the firm's most recent flagship buyout vehicle which closed on $6.5 billion in March, PEI reported at the time.
The fund will make growth equity investments in small to mid-sized companies. Previous investments have included Uber, Airbnb, Box, and SurveyMonkey.
The fund drew significant pension fund interest. Known investors in the fund include the Teachers Retirement System of Texas, the New Mexico Educational Retirement Board, and the State of Wisconsin Investment Board.
“The interest in our third fund speaks to the success of TPG's growth equity strategy. We invest in dynamic companies, partnering with founders and management teams to leverage the full resources of the TPG platform and scale businesses in the U.S. and around the world,” said Bill McGlashan, founder and managing partner of TPG Growth in a statement. “We look forward to identifying investment opportunities that can continue to deliver value for our investors, while helping to build great new companies.”