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Warburg wraps up strong Targa Resources exit after nine-year holding

20 May 2013

oil gas_sqWarburg Pincus has reportedly made a $1.8bn profit on a $400m equity investment by exiting US natural gas processor Targa Resources after a nine-year holding period.

The firm bought into Texas-based Targa as a growth investment before extending its assets through the state through deals with ConocoPhillips and Dynergy, the FT said.

Warburg eventually listed all of the assets as Targa Resources Partners and Targa Resources Corporation, and controlled up to 93 per cent of them before selling down its stake to return capital to LPs.

Last week Warburg managed to raise one of the largest private equity funds since the financial crisis after receiving strong support from existing LPs attracted by the firm’s track record and its flexible strategy.

Warburg Pincus Private Equity XI held a final close of $11.2bn after hitting its first close of over $5bn in May last year.

The fund was raised after less than two years on the road, with Warburg saying the fundraise was successful despite tough fundraising environment.

The final close was below the fund’s initial target of $12bn.

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