US buyout major TPG Capital is reportedly targeting $2.5bn for a new credit and special situations fund just a year after gathering a similar amount for its predecessor.
TPG Opportunity Partners III is preparing to being formal marketing according to Bloomberg, which cited two people familiar with the matter.
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.
TPG is yet to set a concrete target for its latest vehicle.
Earlier this month the firm Austin, Texas-based buyout firm reportedly asked for an additional year to allocate its $19bn flagship fund TPG VI, which still has around $3bn of undeployed capital.
TPG was looking to secure an extension to the fund’s investment period to February 2015 in exchange for waving management fees and other charges that could amount to tens of millions of dollars, the FT said.
The firm is also said to be close to a $3.5bn final close for its latest Asia vehicle, which would bring it in $500m under its original target.
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