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TPG nears rapid hard cap close for latest opportunities fund

6 Mar 2014

speedo acceleratorTPG Capital is reportedly nearing a lightning close for its latest special situations fund after pulling in almost $3.2bn.

PeHub cited three people with knowledge of the situation, adding that demand was so high most LPs could only get half of the commitments they desired.

A document from the Pennsylvania Public School Employees’ Retirement system showed the fund was targeting a first close last December, and had its eye on a final close early in 2014.

It added that the GP was expected to commit about $90m to the vehicle, which could close as early as this month.

AltAssets revealed in November that the Washington State Investment Board had allocated $200m to TPG Opportunities Partners III.

The firm launched its Opportunity Partners arm in 2009 to pick up deals in the wake of the global financial crisis, and initially used the firm’s sixth buyout fund to make investments.

It launched a $1.5bn-targeting dedicated vehicle in 2011, which ended up with about $2.5bn according to Bloomberg.

Last month it also emerged that WSIB had made a commitment to TPG Capital’s $2bn bridge fund, TPG Strategic Partnership Interim Fund.

TPG is currently raising up to $2bn for the bridge fund while it attempts to finish deploying the $19bn vehicle raised just before the financial crisis.

The Oregon Investment Council recently committed $700m to the vehicle, which will be rolled into the new TPG Partners VII flagship fund when it begins raising.

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