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TPG raises $6.5 billion for latest vehicle

The seventh flagship fund is targeting $10 billion

Texas-based TPG has raised $6.5 billion for its seventh flagship fund, according to reports.  The vehicle is targeting $10 billion, and will be the firm's first major fundraising effort since the financial crisis.

TPG declined to comment on fundraising.

The firm has had difficulty in recent years as some of its investments have failed to realize as hoped.

According to a Reuters report, TPG Partners VII, has been described as a “make or break” effort by investors.  TPG has said it plans to refocus its investment approach going forward to be more responsive to the current market environment.

The $6.5 billion raised as of last Friday amounts to a first close that will allow the firm to start investing from the fund.

Fortune, which first broke the news of the fundraise , is also reporting that TPG is near a $3 billion first close on its latest growth equity fund.

On Monday, PEI reported that TPG invested INR 9 billion ($145 million; €130 million) for a significant minority stake in Manipal Health Enterprises in India, one of the country's largest hospital groups. The business owns and operates 10 multi-specialty hospitals in the Indian states of Maharashtra, Karnataka, Andhra Pradesh, Tamil Nadu and Goa and also manages five teaching hospitals and several fertility clinics across the country.  

The deal is indicative of the firm's new approach, which is aimed at finding smaller growth oriented deals over the mega-buyouts of the pre-crisis years.  TPG said in a statement that it plans to expand Manipal's footprint in India with the investment.