TPG reshuffles Asia team ahead of $5bn fund close


Global buyout heavyweight TPG Capital has reshuffled its Asia senior management team ahead of closing its $5bn fund – its sixth investment vehicle raised to target the region.

Managing partner Stephen Peel, who has led the firm’s regional operations in Asia since arriving in 2008, has narrowed his focus to China and India, Reuters reported.

Ben Gray, who previously managed just the firm’s Australia operations, has moved to Singapore to focus on Southeast Asia, and will also take a more targeted approach to the large buyout markets of Australia and Japan, the report said.

Gray will now focus on Australia and Southeast Asia, as well as Japan and South Korea, where the firm has partnered with local investment firm Vogo.

TPG has invested around $1bn a year in Asia over the last two years, up from around $650m during the downturn in 2009, the report added.

Around 35 per cent of the firm’s last fund has been invested in China, which stands to receive around 30 per cent of capital from the new vehicle.

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