TPG raised an additional $187 million in capital commitments for its debut mid-cap private equity fund for Asia’s developed markets in the last quarter of 2025.
The new fund franchise has now raised $742 million, having started generating fees last year and continued its capital-raising efforts throughout 2025.
The 2025-vintage TPG Emerging Companies Asia fund has deployed $134 million so far, per an earnings release on Thursday.
Singaporean nursing home operators Orange Valley and Econ Healthcare, which recently received a take-private offer, and Australia’s Five Good Friends were the first set of transactions from the fund.
TPG is also raising capital for its ninth Asia flagship fund and next Japan real estate fund, as well as expecting the first close of its fourth Rise fund this year, according to its executive.
After demonstrating liquidity events such as Sai Life Sciences in India and Samhwa in Korea from its eighth Asia fund last year, the firm is expected to have another major realisation in Southeast Asia with the potential sale of Singapore-based XCL Education, which is reportedly receiving offers from other private equity peers.
With Wall Street’s largest PE firms like KKR and Blackstone competing for LP capital for their similar Asia strategies, competition for fresh capital is intensifying. Global allocators are consolidating relationships and, in some cases, scaling back exposure to corporate private equity—raising the bar for performance and liquidity.
TPG’s total AUM stood at $286 billion in 2025, up 20% from the previous year, with fee-related AUM rising 15% to $163 billion over the same period. Its total capital deployed in 2025 climbed to $52 billion, the highest annual deployment in its history.
The group’s Rise and Rise Climate funds were among the most active equity platforms last year, with $5 billion of signed or closed investments in 2025 thanks to the global scope of its strategy and the unprecedented growth in energy demand.
In India, TPG Rise Climate and Global South Initiative announced a $1 billion investment in HyperVault, the AI data centre business of Tata Consultancy Services, which is expected to have a final shareholding of up to 49% in the business.
