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TPG nears $2bn Asia fund close, eyes reduced $3.5bn target

20 Jun 2013

news_asia_lrgGlobal private equity firm TPG Capital’s latest Asia fundraise reportedly looks set to come in $500m under its $4bn target.

The firm hopes to hold a $2bn second close “very soon” according to Dow Jones, which said it planned to wrap up the vehicle on $3.5bn in the fourth quarter.

TPG’s target was the largest in Asian private equity fundraising since the financial crisis when it hit the road in the first quarter of 2012, but was eclipsed in June by RRJ Capital and KKR.

RRJ fell short of its $5bn aim when it closed the fund on $3.5bn in February, but beat the $2.3bn raised for its Capital Master Fund I in 2011 – a fund which closed $300m over target.

KKR has fared better, pulling more than $5bn towards its latest Asia fund thanks to LPs including the Washington State Investment Board, which contributed $400m, and the Oregon Investment Council with a $225m investment.

The Caymans-registered vehicle is still fundraising towards a target of $6bn, up 50 per cent from the $4bn raised for its predecessor in 2007.

Last month TPG made a return of almost seven times by exiting India’s Shriram Transport Finance with the sale of its ten per cent stake for INR16.52bn ($305.21m) to Piramal Group.

The firm is also on target for a similar return from its investment in Jakarta-based Bank Tabungan Pensiunan Nasional (BTPN).

TPG Capital and its Indonesian affiliate Northstar Pacific Partners have agreed to sell up to 40 per cent of their stakes to Sumitomo Mitsui Financial Group.

SMFG said it will initially pick up a 24.26 per cent stake in the lender for $937m, representing a 14 per cent premium on the last traded price of BTPN’s shares.

The private equity firms could be in line to reap more than 7.7 times their initial $200m investment through the part-exit if a similar price is paid for the remaining stake.

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