TPG VII garners $550m in commitments

The capital for the buyout giant’s latest flagship fund comes from Virginia Retirement System and New York Common

Texas-based TPG has garnered a further $550 million in commitments for TPG Partners VII, the firm’s latest buyout fund which is in market targeting $10 billion.

An official document shows the New York State Common Retirement Fund has committed $250 million to the vehicle, while the Virginia Retirement System has pledged $300 million, according to documents released at a board meeting.

TPG Partners VII is the firm’s first major fundraising effort since the financial crisis and held a first close on $6.5 billion in March.

Investors have described the fund as a “make or break” effort by the firm, PEI reported previously.

New York Common, a $182 billion pension fund, has also made a $300 million commitment to TPG Growth Fund III, which closed on $3 billion last month, beating its $2.75 billion target after just five months in market.

Fellow investors in that vehicle include the New Mexico Educational Retirement Board, which approved a $100 million commitment last month, and the Florida State Board of Administration, which also committed $100 million.

According to an official document New York Common has also committed $85 million to Capital Alliance Private Equity IV, and $30 million to Primary Venture Partners Fund I-A.

New York Common has recently committed $20 million to the €300 million Carlyle Europe Technology Partners III, $85 million to African Capital Alliance Fund IV, which is currently in market targeting $600 million, and $200 million to Centerbridge Capital Partners III, according to PEI’s Research & Analytics Division.

Other recent private equity commitments from the $64 billion Virginia pension fund include $100 million to mid-market tech-focused vehicle Siris Partners III, $250 million to Bain Capital Fund XI and $300 million to Hellman & Friedman Capital Partners VIII, according to PEI’s Research & Analytics Division.