Global buyout major TPG looking to raise over $4b for new Asia fund

David Bonderman, Co-Founder of TPG Capital. Photographer: Andrew Harrer/Bloomberg

Global buyout firm TPG Capital Management is seeking toraise more than $4 billion for a new Asia-focused fund, in what would be its biggest for the region, people familiar with the plans told Reuters.

The new fund will be one fifth bigger than its last one, TPG Asia VI, which raised $3.3 billion in 2014, and reflects growing investment opportunities in the region. It would, however, still trail the regional record set by KKR & Co’s Asia Fund II which raised $6 billion in 2013.

Total capital available for investment could reach about $6 billion when co-investments from limited partners – the pension funds and institutional investors who will invest in the TPG fund – are included, one of the people said.

TPG declined to comment. Sources declined to be identified as the fund raising plans were confidential.

Co-investments allow limited partners to invest in target companies through the fund itself and directly without having to pay management and performance fees, which can translate into millions of dollars of savings.

TPG invested $577 million from its TPG Asia VI fund in 2015, bringing the total invested capital to $1.4 billion, according to an annual letter to its limited partners seen by Reuters in December. Limited partners in the fund co-invested an additional $338 million last year.

TPG this year invested $150 million in Indian micro finance lender Janalakshmi Financial Services. It has also completed the sale of packaging company HCP to Baring Private EquityAsia in a transaction that sources have said was valued at $775 million.

Its other investments in the region include stakes in China International Capital Corp (CICC), the country’s largest domestic investment bank, Bank Tabungan Pensiunan Nasional (BTPN) in Indonesia and Apollo Towers, which operates mobile phone towers in Myanmar.

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Reuters

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.