TPG middle-market fund adds Oregon as LP(2)

Texas Pacific’s new STAR affiliate has secured a $75m commitment from long-time backer Oregon.

TPG STAR, a middle market, multi-stage fund associated with Texas Pacific Group, has received a commitment of $75 million from the Washington State Investment Board, according to minutes from the board’s December meeting.

The target goal for the fund has been reported to be $1 billion. It will focus on global venture capital, growth equity, turn-around and middle market buyout transactions in North America, India and China, the minutes said.

At the December meeting, Sam Green, a private equity investment officer, recommended a commitment of up to $100 million in TPG STAR. David Woolford of Capital Dynamics, also present at the meeting, recommended that the group commit $75 million, the minutes said.

Jim Coulter, William McGlashan and Jamie Gates represented Texas Pacific at the meeting.

A motion to have the private markets committee recommend the investment of up to $100 million to the board was carried unanimously.

Texas Pacific closed its fifth fund at more than $15 billion in November. Its fourth fund raised $5.8 billion in 2003.