Washington State commits to TPG’s $2bn bridge fund


US public pension fund Washington State Investment Board (WSIB) has made a commitment to TPG Capital’s $2bn bridge fund, TPG Strategic Partnership Interim Fund, according to PEhub.

TPG is currently raising up to $2bn for a 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.

Last August it emerged TPG had asked LPs for an additional year to allocate its $19bn flagship TPG VI vehicle, which still had around $3bn of undeployed capital at that point.

The firm 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.

TPG reportedly said in a handout that the extension would enable it to focus on performance and there would be “no need to begin raising TPG VII prematurely.”

In November WSIB allocated $200m to TPG Opportunities Partners III, TPG’s latest special situations fund.

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