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TPG accelerates long Asia fundraise, holds $3.3bn final close

23 May 2014

Asia PacificGlobal private equity firm TPG Capital has reportedly held a $3.3bn final close for its sixth Asia fund, aided by a shakeup of senior management last year.

The firm was initially hoping to collect about $4bn for the vehicle, but set its sights on about $3.5bn as it reordered its Asia staff last November to accelerate the close.

Senior partner Tim Dattels returned to Asia from the US to be co-head of the region alongside former Credit Suisse banker Ben Gray, replacing former British Olympic rower Stephen Peel.

Those changes appear to have worked according to Reuters, which said TPG gathered about $1.6bn in the past six months.

That compares favourably to the $1.7bn it managed to gather over the preceding two years.

Reuters said that although the new fund was more than a fifth smaller than TPG’s fifth Asia fund from 2008, direct investments from sovereign wealth funds and pension funds could take total deployment to about $4.5bn.

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 2013, but beat the $2.3bn raised for its Capital Master Fund I in 2011 – a fund which closed $300m over target.

KKR raised Asia’s biggest-ever buyout fund by gathering $6bn of commitments for its second vehicle dedicated to the region.

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