Senior partner Tim Dattels is returning to Asia from the US to be co-head of the region according to Reuters, which said that former Credit Suisse banker Ben Gray would join him in the role.
It said Gray had steadily moved up TPG’s ranks since joining the firm’s Australia operations in 2004.
Reuters added that current Asia head Stephen Peel, a former British Olympic rower, is stepping away from day-to-day management according to people familiar with the matter.
In June it emerged that TPG’s latest Asia fundraise reportedly looked set to come in $500m under its $4bn target.
The firm hoped to hold a $2bn second close “very soon” and wrap up the vehicle on $3.5bn in the fourth quarter, Dow Jones reported at the time.
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.
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